First time rehab to rent.

[Mitch Hill]

Bought a 3/2 1350 sq ft in Nov 21 as my second investment rental property. I'm a recent retiree and I started the rehab in December and did as much as I could myself. Purchased for $181,000 and estimated $35k for the rehab. The house was originally built in 1986.

My plan was to paint, replace laminate floor, update kitchen and baths plus repair siding, interior walls and the fireplace.The siding repair went fine. However the fireplace was shot and needed a new cap, cricket, siding and then we found our the firebox and chimney were shot. Estimate was over $10k so we decided to remove the chimney and firebox and just drywall over the old opening.  This was less than $1000.

This home had a water heater upstairs over the master bed and there was previous water damage to the ceiling and walls that required repair. Decided to move the water heater to the garage instead to avoid any future issues.  This was an extra $4k for the new heater and all the plumbing.

After removing an old jet tub/shower  in the master bath and replacing with a large walk in shower we replaced all the downstairs floor with vinyl plank and the stairs and upstairs with carpet. Bathroom vanities and new toilets, I bought and painted unfinished kitchen cabinets and baseboards and painted and installed them.

After painting the inside and out it was ready to list for rent.  The property manager took some pictures and the house was rented in less than a week at full asking price.

We are renting for $1825/month. Z-Estimate is $1544 but is based on the house pre-rehab.  Total rehab cost came in at $44k.

I am happy with the outcome and cashflow.