How Much Rent Can I Get With Just A $10K Remodel?
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- Опубликовано: 29 сен 2024
- This project was a true budget heavy adventure. We stayed under the $10k max budget but was able to put in enough sweat equity alongside that money to bump up the rent another $200 PLUS own a home that I can be proud of.
We put in a lot of quality work to make this place clean, safe, and quite a bit cozier than what it was. Some viewers may disagree with this practice and would prefer the $1,400 budget friendly home, and that's okay. My preference is to move up from worn down homes and of course make a little extra on top.
From new paint, appliances, floors, electrical, doors, this home has the basics... but wait, there's more! I added a pop of design with cased ceiling beams in the bathroom, beadboard ceilings, glazed sinks, oven backsplash, freshly painted bathroom vanities, and so much more!
Finances:
House was listed: $195k
Purchase Price: $182k cash
Closing Costs: $1k
Remodel Costs: $11k
All in Cash: $193k
Rent: $1,600
Monthly Exp: $165
Monthly Management: $128
Monthly PROFIT: $1,307
8%+ Cash on Cash ROI
With another $20k someday, we can update the kitchen, both bathrooms, and some touch up stuff. The home fully finished is worth about $270k right now. That'd be a $60k gain in less than a year + our rent income.
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#houseflipping #diy #rentalproperty
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there is no airflow in the bathroom. no wonder why the ceiling has gone weird already..this will continue to happen
I made sure to grease up the windows so they could open easy lol. But yea, this bathroom is where I wish we could've went in and fully re-did it. We just kicked the can down the road...
This is a gay man
Hi gay man. This is Kelly Concepts
You know the absurd thing? This starter house should be $1100 a month MAX rent. But during covid, landlords decided they needed to double rent. Cuz corporations and hedgefunds started buying all the houses. Now nobody can afford houses anymore. $1600 a month 5 years ago would've gotten you a big fuckin house. Now it gets you a basic starter home. And all you spent was $200k. When this house should've been $140 max.
$1600 for this house is flat out insane. I don't care if it is "market average". Market average is gonna make a shitload of people homeless real soon since wages aren't increasing fast enough to compensate. ANy time they try to raise wages, rich people go nuts. But yeah, let's keep raising house and rent prices. Genius.
Insurance, taxes, building materials, and rates just doubled from 2022 in my market. It's hardly the "rich persons" doing but rather the economy as a whole. This place rented before we even finished remodeling - so the free market has spoken.