Multi-family property needing overhaul of front/back yards

[Jonathan Mueller]

Earlier today I viewed an unoccupied duplex in Colorado Springs. I compared typical rents in the area and with sub-metered units, I'm easily looking at a cap of over 10%. There are plenty of little things, inside and out, that need to be patched up which I feel more than confident I can handle. My only concerns are over the front and back yards. They definitely need to be redone. There is a dead tree in the front yard, a dilapidated shed in the back, and the patchy grass in the front yard needs to be redone or replaced with gravel. Additionally, the wooden fence needs to be reinforced.

Has anybody dealt with an overhaul of a property's front and backyard? Can you outline the experience? What ended up being more complicated than you thought at first? Are there any tips you can offer? I'm strongly considering putting in an offer pending a 4PX I'm viewing tomorrow. Thanks!

[Bill S.]

@Jonathan Mueller all it takes is money. Sod or seed would be wasted. Less than 1 in 10 tenants will water it. Less than 1 in 100 will take care of it in a manner that will keep it nice. My advise, fix up the shed the best you can. Make sure the roof will turn water, Mow the weeds, water and fertilize. Keep it mowed short and you will be good to go until it's rented. It's my opinion that you most have storage for tenant's stuff and any money spent on landscaping is wasted unless your target tenant is class A.

Must be nice to have the luxury of waiting until you look at a second property to make the offer on the first. Here if you wait a day it will be gone.

Happy investing.