Should I pave (blacktop) my SFR BRRRR

Question

I am finishing up my first BRRRR in an upper middle class home in a great school district.  I have money in the budget to pave or blacktop a driveway for about $6,000.  I already have equity in the property I will be around $135,000 all in and the ARV is $175,000 - $185,000 ish including the money to blacktop.  I keep going back and forth on blacktopping, thinking things like will it help my appraisal, will I be able to get a better tennant? is it worth the cost? I figured id reach out to all you lovely people to hear your thoughts and opinions.  thanks so much

Theresa Harris · Answer

What is there now?  If it is crushed gravel, relatively flat and has good drainage, you can always leave it.  As Joseph said, what do the neighbours have?

Joseph Holliway · Answer

What does the neighborhood and comps show? In both Colorado and Missouri I don’t see a lot of asphalt (blacktop) driveways. I have seen a few in more we’ll off areas but not your standard neighborhoods.

Kenneth Garrett · Answer

@Christopher Madden

$6,000 seems high for an asphalt driveway.  Depends on the area.  Not sure you will get a $6,000 return for the driveway.  Like @Theresa Harris mentioned if you have a solid compacted gravel driveway with good drainage might not be the best use of your money.

Christopher Madden · Answer

Most on the street and in the town are Blacktop, in pa having gravel makes winters difficult to snow plow or snowblower.  I do need to do some drainage work as well and since the interior is almost completely rehabbed i thought the blacktop not only provided an esthetic aspect it provided the utility to the tenants who will be responsible for snow removal which is standard in my area.

Krissy Key · Answer

@Christopher Madden Is it broken up and looking rundown? Or it looks ok, just isn’t shiny and new? If it is functional, I would leave it as is.

Should I pave (blacktop) my SFR BRRRR

Most Popular Reply