House #2 – Turning a Fixer Upper Into a Rental

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Fixing Up a House

This is a property I purchased in 2015 and simply haven’t had time to complete, but will be working on in 2017. I’ll begin to track my budget and eventually return on investment as I begin to focus on this project more in the summer of 2017. Until then, here are some current before pictures along with the basic information.

3 bedroom, 1 bath, 1,160 square foot cape cod, most likely built in the 1950’s, similar to my primary residence.

Estimated completion value = $87,000, based on nearby comparable sales and price per square foot.
Estimated Rental Rate = $800 / month = $9,600 / year.

Purchase price – $30,000 cash.

Estimated repair cost – $15,000.

I will be doing a lot of the labor myself besides mechanical, electrical and plumbing of course. If all goes to plan the property will cash flow $600 / month after taxes and insurance and provide about $40,000 in equity that I can borrow against for the next project if I’m so inclined.

Before Photos

Fixer Upper Project House

Fixer Upper Project House

Fixer Upper Project House

Fixer Upper Project House

Fixer Upper Project House

Fixer Upper Project House

Fixer Upper Project House