Add Value Where There Was None…
Last time I wrote I promised that I’d cover the financials on our latest major project. The property was purchased 2 years ago for $130,000 and was lightly renovated and rented. Originally we replaced the heat pump, the pool liner, carpet, tile and some paint. All totaled (with closing costs) we were into the property for $145,000. The after repair value (ARV) was $200,000. Now that we’ve taken a different tact and decided to add value where there was none before the ARV is now $260,000 to $300,000. We’re going to do this in a number of ways.
First, we’re going to reconfigure the loft into a 4th bedroom…
And add a massive walk-in closet…
Those 2 things alone should add about $20,000+ to the property with not only the additional bedroom but also with the newly created 80 sq. ft. walk-in at approx. $100 sq. ft.
The new plans also call for putting in all new renewable and highly durable and beautiful bamboo flooring in the bedrooms, new tile flooring and tub surrounds, fence, stamped & acid stained concrete patios, all new windows with the reconfiguration of some picture windows (closing them up), the loft will be boxed in with sheetrock and recessed lighting will be added throughout the house and interior and exterior paint and at least a 2 car detached garage.
This is the latest picture with 70 trees cut down and approx. 90 stumps grinded:
Hopefully, next time I’ll have a lot more progress to report. Stay tuned!
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