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Updated almost 7 years ago, 02/20/2018
Did I overspend? Beating myself up
Bought a triplex for $179k in May 2017 with 3 inherited tenants who paid monthly and were pleasant. Mortgage + insurance is $1100. Gross Income has been $2,075.
Now I suddenly have two units vacant. Unit C is a one bedroom that took <$1k to get ready for a new tenant. This unit will now rent for $700 (was $500)
Unit B is a 2 bedroom townhouse that was a mess. I spent $2200 to rip up carpet/ install wood laminate downstairs; $1200 to entire unit painted/rwalls epaired; $60 for upstairs carpet cleaning. It still needs a scrub down + a garage door repair. Unit B will rent for $950 unfurnished, $1,800+ furnished (was $750).
My concern is that I over-spent to update unit B. I put in the wood laminate downstairs before shampooing the carpet upstairs. $60 shampoo today and the carpet looks brand new. I’m now beating myself up for spending $2200 on new floors when I could have shampoo’d all the carpet for <$100. What do you think? How much do you generally spend to prep a unit between tenants?