5/1/23 – Reno Update – Complete -We’ve completed the renovation for this one and it turned out great! We’re officially turning things over to Rivertown now and there is no pending mechanical work for this one as we only serviced the equipment. You’ll find a link to the final photos below. Link to Photos
4/25/23 – Property Update – Renovation complete and RiverTown is marketing at $1,295/mo.
4/24/23 – Reno Update – Week #5 – You’ll find the link to the progress photos below. We’re not quite done with this one yet. We needed to reconstitute one of the 220s and remove one of the end cabinets so the future tenant can have space for a dryer. We have the property scheduled to be cleaned and will be all done afterwards! Link to Photos
4/17/23 – Reno Update – Week #4 – You’ll find the link to the progress photos below and it’s looking great! We have the new flooring installed and are working to take care of the smaller, more miscellaneous items so we can get this one turned over to Rivertown. Link to Photos
4/10/23 – Reno Update – Week #3 – You’ll find the link to the progress photos below. We’ve got the tile installed in the kitchen and bathrooms and it looks great! We were also able to get the kitchen cabinets and countertops installed. We’ll be installing the flooring next week and wrapping up the final phase of the project hopefully next week as well. Link to Photos
4/3/23 – Reno Update – Week #2 – You’ll find the link to the progress photos below. We’ve got the interior painted and most of the exterior painted. We also have the front deck floor repaired. The plumber is going out and we expect to have the tub installed, tile work started, kitchen cabinets and countertops installed. It’s coming along! Link to Photos
3/27/23 – Reno Update – Week #1 – You’ll find the link to the progress photos below. The power turn on was successful and we’ve gotten the property trashed out, demo completed, and are working on painting the interior. We’ll continue working to get the interior/exterior painting completed next week and move on to starting the renovation in the kitchen and bathrooms. Link to Photos
2/21/23 – I have attached the final SOW and PMA. Total reno budget is $39,750 and will be completed in 4-6 weeks. This acquisition was financed and Saddle Creek held $17,316.68 of the excess funds in the construction account. We will need to wire $22,433.32 to Saddle Creek asap to get this project rolling.
2/21/23 – ALTA Review – Here is the review for the closing today. This is a great deal and we are excited for you! The loan amount is $106,500 and Saddle Creek will hold the excess funds in the Construction Escrow. Next week you will wire the funds to Saddle Creek to cover the remaining renovation cost. I will update you as soon as we have final renovation cost. Sub Contractors will walk the property this week to submit formal estimates. Here is the Actual Purchase Deal Analyzer. You will notice the actual appraised value and I still have the bottom end of the rent range. We should market this property for $1,295/mo after renovation. Here are the Pre Close Pictures from yesterday. We had figured to clean out the property so whatever items are remaining are accounted for. These will be great Before and After pics!
1/12/23 – You’ll find the link to the walk thru photos below. The property is a 3/1.5 and located in a good location. The property is in overall good condition, but it is going to need updating throughout. We’d be looking at painting inside and out, renovating the kitchen mostly, both bathrooms, installing new flooring, servicing the HVAC, and other miscellaneous items. For a ballpark estimate, you’d be looking at 38-41k (this INCLUDES the fee). See summary below.
Roof: The roof looked to have a couple of layers, but the top layer looked newer.
Exterior: The exterior was in overall solid condition but will need some repair to the front deck. I’d also recommend painting it to give it some curb appeal for prospective renters.
Interior: The interior was really dated and if you’re looking to get top of the market rent and value, I’d recommend updating everything which would include the flooring, bathrooms, painting, and kitchen save for the cabinets. There is also a section of ceiling that is missing that we’d need to replace.
Mechanical: The mechanical equipment looked fairly new so we could opt to simply service it to ensure everything is working as it should.
Electrical: Power was on at the time of the walk thru and the property is on fuses, so I’d recommend upgrading it to breakers.
Gas: The meter was present, and the gas was on at the time of the walk thru.
Appliances: There was a refrigerator, stove, washer, dryer, dishwasher, and microwave present at the time of the walk thru.
Additional: Given that the property is vacant, we’d need to get clarity on what’s conveying with the property. As it stands, I’ve allotted to trash everything out.
Pictures: Walkthrough Inspection
Confirmed market value: $144,000 to $151,000
Confirmed market rent: Start marketing at $1,295 and reduce to $1,195 if required.