Getting one of my properties ready for sale...

[Olivier Mader]

Not sure if this post belongs in the DIY section or the Buying/Selling section...

I'm currently working on getting one of my rentals ready for sale. (A 4 bedroom, 2 bathroom, 2 car garage home in Winter Haven, FL). I had it as a rental for over 5 years and I recently had to evict the tenants for running behind on the rent. I bought the house in 2010 for $40k and invested about $5k to make it ready to rent. Didn't do any major remodeling, mostly just cosmetic. Tiled the bedrooms back in 2010 and did a partial bathroom remodel in 2014 as the tub had rusted through and was leaking.  The market in that particular area is red hot right now and I believe that I can make much better money on the house if it is fully upgraded.. So, last weekend I started to work on getting the home in very nice condition so that I can fetch a better $$ for it.. I just finished the guest bathroom (just putting up fresh tile around the tub) and tonight, I will start the demo in the master bathroom (shower). 

There is also an old (80's style) custom fit vanity in the master bathroom area.. It is in good condition but screams 80's.. So, I'm going to re-face the drawers and doors on it and replace the counter-top on it with granite and install a vessel sink.  This will get me a modern look for relatively little $$$.

The kitchen currently has newer all wood cabinets BUT the stain on some cabinets doesn't match the others, so I ordered  stainable primer and will prime the cabinets with it and then apply a nice dark stain on top of it. I already removed the formica counter-tops and will replace them with granite counter-tops. Will sell the white appliances (which already show some wear after 6 years of renter abuse) and will get a nice used set of stainless appliances.

Expected total cost for freshening up the property: $200 for guest bathroom (just tile, green board, thinset and grout), $500 for master shower (cement board, shower faucet, tile, thinset and grout), $150 for re-facing the vanity. I will either paint the master bathroom vanity with cabinet rescue or use the stainable primer and add a nice stain to it. I will use leftover granite from the kitchen for the vanity top. Vessel sink will be about $65 including taxes. With fitting etc, it will add a few extra bucks. Will use 4 x 4 travertine for the backsplash. I'll spend a maximum of about $300 on upgrading the master bathroom vanity. For the kitchen, I'm spending about $60 on the stainable primer, $5 for stain and about $350 for 2 pre-fab granite slab from Floor&Decor. (cheapest slab they have (112 x 26 inches) runs just over $150 plus tax. With tax, it'll be $350 or less for the kitchen and I will have enough left over for the guest bathroom vanity. A nice set of used stainless appliances goes for around $1000 - $1300. There are also some damaged doors that have to be replaced which is a minor expense considering that hollow core slab doors are only around $35 each and I prep them myself for install. So, my total expense is expected to be $2000 - $2500. Estimated increase in value from the changes: $15k - $20k.

House currently comps at around $120k and those comps were not fully upgraded. Planning on listing the home for $129k.. Total investment (including all repairs done in the last 6 years - $55k). Estimated sales price $125k. Total profit of probably about $70k minus 3% buyers agent commission and other closing expenses..so, I should make about a $65k total profit + 5 years of rental income. So, total income from this property should total over $100k.. I will post pictures from my progress. I do all my own work, so it takes longer as if I'd hire someone as I have a regular job and only do my home flipping on the side... evenings and weekends..