We purchased this 2 bedroom property in April of 2011 for the princely sum of $37,500. The home was dead on arrival. Yet, it is located less than a block from the new Ogden Temple and has a view of the edifice out the kitchen window.
Our rehab ran about four months and cost another $37,500. We replaced the roof, furnace, kitchen, bath, flooring, paint, electrical, plumbing, and more. The idea was to have a new house with the old time feel. We opened up the 12 foot ceilings, kept the antique brass hardware, wood built-ins, and the slightly adjusted the floorplan.
We listed the home for sale in August 2011 just as the debt ceiling debate threw a bucket of ice water on the market. The home had 1 showing in six weeks. Disappointed, we put it up for rent for $695 and had it leased in two weeks.
Finally, as market conditions improved, we put it up for sale in January and placed it under contract in two weeks. We closed on the property at a price of $89,900. We paid $4,000 in buyer closing costs and a $350 home warranty. After counting rent revenue and equity at sale, this project yielded a 12% return on investment.
Here is video of the home before and after:
If you are in the market for an investment property, or looking for a historic property to renovate, CONTACT ME, and lets find one for you.
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