10/11/23 – Your property is now marketed. Let me know if you have any questions. Link to Photos

10/10/23 – Here are the final photos for Granada. We have a small hiccup to address in that some flooring got damaged. I don’t think this should hinder the property being marketed though, so I’ll go ahead and turn it over. My flooring guy is going to go back out and repair it but everything else is completed and it turned out great! Link to Photos

10/9/23 – Reno Update – Week#7 – You’ll find the link to the progress photos below. Unfortunately, we have not completed this one. There was a delay with my tile guy starting, so it has shifted our estimated completion to be at the top of the week next week. The guys will be banging the bathrooms out and cleaning it over the weekend. Link to Photos

10/2/23 – Reno Update – Week#6 – I got some bad news regarding the HVAC. The coil has gone bad and needs to be replaced. Because of the importance of the piece, you’d be looking at two options. 1) Replacing the system for $4895 or 2) installing a refurbished coil for $2035. That’s a tough one to swallow especially as we near the project’s end. Let me know how you want us to handle this. 

Apart from that, we were aiming to have the bathrooms finished this week but the tubs were not in stock earlier in the week and didn’t arrive til today. So, we’ll be working on that over the weekend, work on punch list items, and get this one turned over. There’s also a photo of the tree that was cut down in the link as well! Link to Photos

9/25/23 – Renovation Cost Update – Initial construction escrow at close: $51,000.00 Actual construction cost: $52,751.40 Replace HVAC ductwork: $1,600.00 Total difference in renovation cost to be wired to Saddle Creek Title: $3,354.40 Video Summary

9/25/23  – Reno Update – Week#5 – You’ll find the link to the progress photos below. We’ve got the new flooring installed and it looks great! We’re also just about done with the ductwork and replacing the outlets and switches. Next week we’ll be working in the bathrooms and getting this one wrapped up! Link to photos

9/18/23 – Reno Update – Week#4 – You’ll find the link to the progress photos below. We have some good news in that we have the plumbing completed, exterior painted, interior painted, kitchen floor tile installed, and countertops installed. It’s coming along but we’ve run into a problem in that we found that the ducting is in terrible shape and corroded. So much so, that my tech is advising we remove all of the old ducting and install new ducting throughout the property. To do this, you’ll be looking at a cost overrun of $1600. It’s one of those things we have to get done but I wanted to give you a heads up. You’ll find some photos of the duct work in the link. We’ll be getting this replaced over the next week along with getting the new flooring installed. That’ll leave us with finishing up the bathrooms. Link to Photos

9/11/23 – Reno Update – Week#3 – You’ll find the link to the progress photos below. We’ve started painting the exterior and we’re continuing to work on the water lines and pipes. We’re expecting to have the plumbing completed early next week, so that we can move on to finishing out the bathrooms. We also have the second entrance opened up into the kitchen!  Link to Photos

9/4/23 – Reno Update – Week#2 – You’ll find the link to the progress photos below. We’re working on wrapping up the interior painting right now and we’re continuing to work on repairing some of the plumbing leaks underneath the house. We haven’t got to the exterior painting yet but once we have the lines fixed, we’ll be able to pressure wash and paint the exterior! Link to Photos

8/28/23 – Reno Update – Week #1 – You’ll find the link to the progress photos below. We’ve got the property trashed out and demoed. We also have the hallway flooring repaired. We’ll be working on replacing the flooring underneath the tubs and doing the plumbing work. We’ll also be working on the exterior painting! Link to Photos

8/21/23 – Reno started today! We are shooting for a 4-6 week completion on this project.

8/7/23 – Here’s the link to the pre close photos. The seller is working on the house being broom swept. He says he should have it done by 3p and will take some photos. Link to Photos

8/1/23 – HERE is the HUD Review Video. This is a typical straight forward cash purchase and my review is a little lengthy to make sure I touch on everything the first time through. Be sure that the address showing on ALL DOCUMENTS is 116 Agnes Rd. STE 200, Knoxville, TN 37919 and NOT your home address.  I also shared an option to include an additional $2,000 for the renovation budget, bringing the total to $52,000, to avoid the potential of being required to make a additional wire “if” the budget hits the top of the estimated range. I would like to include the potential of creating the fourth bedroom and still keep the total budget at $50,000. Total bottom line Due From Buyer is $70,361.04 plus the $50,000 renovation cost for escrow, total wire will be $120,361.04

7/22/23 – You’ll find the link to the walk thru photos below. The property is a 3/2 and located in a C location. The property will need to have the interior and exterior painted, new flooring, new subfloor throughout, a new kitchen, both bathrooms renovated, the HVAC serviced, the water heater replaced, some tree trimming, and other miscellaneous items. To do this, you’d be looking at a ballpark estimate of 50-52k (this INCLUDES the fee). See summary below.

Roof: The roof was on the older side but looked like it had some usefulness left in it. There were no signs of active leaking.

Exterior: The exterior, I think, needs to be repainted in part because of a door that was closed off using a totally different color brick. I also think a different color would make the property more appealing. Apart from that, we’d pressure wash, install new fixtures, and other miscellaneous repairs.

Interior: The interior will need a complete overhaul, so we’d be looking at a new kitchen, new paint, new bathrooms, electric, and new subfloor. The current flooring was bowing and then there were a couple of spots where you could see that they at least attempted to fix it. I think it would be worth going back over those spots. It’s possible we wouldn’t have to redo all of the subfloor and could just do certain rooms which would save some cost (roughly 1.2k).

Mechanical: The property has central heat/air and has a package unit. I think we could service it but the water tank is a shorty. I doubt its adequate to service the entire house sufficiently, so in all likelihood, we’d be putting in a full size tank.

Electric: The seller said the property was on breakers although I could not confirm this due to the panel cover being painted over and shut. The meter was present and power was on.
Gas: The meter was present and unlocked.

Appliances: There was a washer, dryer, fridge, and stove present at the time of the walk thru. We’d need to confirm if these items will be conveyed and get language reflecting as such in the contract.

Additional: One of the downstairs rooms with a bathroom had a closet that housed the washer and dryer. This is a bit odd so I wanted to make mention of it.

Pictures: Walkthrough Inspection

Confirmed market value: $160,000 (Desk Appraisal attached)

Confirmed market rent: $1,195 to $1,395

Deal Analysis: WORST CASE SCENARIO → ANTICIPATED SCENARIO
Closing Date Scheduled: 8/3/2023
Total Cash Outlay: $119,553.00