10/10/23 – I have posted the pictures this morning for marketing. I am attaching pictures for your convenience. Let me know if you have any questions. Link to Photos

10/9/23 – Reno Update Week#4 – I’m pleased to report we’re all done with this one and it turned out pretty nice! The only thing we have to do is install the new condenser which we’ll do once a tenant is placed. You’ll find a link to the photos below. Link to Photos

10/2/23 – Reno Update Week#3 – You’ll find the link to the progress photos below. We’ve got the flooring installed, bath floor tile and tile surround installed, along with the toilets, med cabinets, and vanities. It’s looking good! The LVP flooring really pulls everything together. We’ll be working to wrap this one up over the next week and address the smaller detail items. We’re expecting to be able to turn this one over next week! Link to Photos

9/25/23 – Reno Update Week#2 – You’ll find the link to the progress photos below. We’ve got the interior painted, tubs installed, tile surround in, and kitchen floor tile installed. We’ll be working to finish the bathrooms and get the flooring installed next week. It’s coming along nicely. Link to Photos

9/15/23 – Reno Update Week#1 – You’ll find the link to the progress photos below. We’ve got the demo completed, wall constructed between the living room and kitchen, and patch work done. We’re prepping the walls so that we can paint next week.   Link to Photos

9/11/23 – No photos this week, since we got started. But the power turn on was successful, so we’re up and rolling! We’re demoing and planning to roll the plumber in next week while the guys are working on patching and painting. 

9/7/23 – Renovation starting today. Approximately 2-4 weeks to complete. Final SOW attached. Cost: $38,991.40

8/31/23 – We received two different budget summaries and scopes of work with the difference being installing all new siding. After reviewing with my contractor, we could replace the damaged sections on the exterior and touch up paint but it would peel again in a few months which is why they recommend just replacing the siding. Also, after having my tech look over the mechanical, we do NOT recommend replacing the equipment (furnace) now given its age. Let me know how you’d like to proceed and if you have any questions! 

8/23/23 – HERE is the HUD Review Video. This is a typical straight forward cash purchase. Be sure that the LLC name is Nothingman LLC (still needs to be corrected and I let @Christie Pickell know) and addresses showing on ALL DOCUMENTS are 116 Agnes Rd. STE 200, Knoxville, TN 37919 and NOT your home address. Total bottom line Due From Buyer is $89,589.21. This will be the total wire amount to send to Saddle Creek Title (please confirm wire instructions) and it includes the $39,000.00 renovation escrow.

@Christie Pickell has a different platform to share docs with you for your digital signature. Hopefully, the signing steps of this transaction go much smoother but don’t hesitate to let me know if I can assist in any way possible.

Finally, you were copied on an email thread from Alicia requesting your confirmation to charge the card on file for the insurance. Please confirm at your earliest convenience so we can have the binding policy for tomorrow. 

8/18/23 – You’ll find the link to the walk thru photos below. The property is a 3/2 and located in a C- location. I’d recommend touch up painting the exterior, some siding work, painting the interior, installing new flooring throughout, renovating both bathrooms, new kitchen tile, service the furnace and water heater, install new condenser, minor plumbing and electrical, and other miscellaneous items. Two things of note are that there was some bowing at an arch in the kitchen and the second being that there was some sloping near the hallway bathroom. The ballpark estimate for the proposed work is 37-39k (this INCLUDES the fee). We’ll need to verify age on the mechanical. If it comes back older than the recommended age to keep, you would be looking at a ballpark estimate of 41-43k (this INCLUDES the fee) See summary below.

Roof: The roof is new and does not need to be replaced.

Exterior: The exterior siding has peeling paint and some of the wood siding is damaged and needs to be replaced and repainted. We’d pressure wash and do other miscellaneous repairs.

Interior: The interior needs quite a bit of work. There’s repair that needs to be made to the walls and ceilings. We’d need to paint, likely replacing the ceiling in the kitchen altogether because I suspect it’s just old and is the reason it is sagging. We’ll install new kitchen tile, keep the cabinets and countertops, renovate both bathrooms, and do some subfloor repair. The walls are not in good shape as a whole but it really wouldn’t be cost effective to rip out everything, so we’d repair what’s absolutely necessary and re-texture throughout.

Mechanical: The property will need a new condenser, but we may be able to service the furnace and water heater.

Electric: The property is on breakers and the meter was present.

Gas: The meter was present but locked, so we would need to go through gas inspections.

Appliances: None

Additional: None

Pictures: Walkthrough Inspection

Confirmed market value: $114,000 to $131,000

Confirmed market rent: $995 to $1,095

Deal Analysis: WORST CASE SCENARIO → ANTICIPATED SCENARIO
Closing Date Scheduled: 8/24/2023
Total Cash Outlay: $88,563.00