Time for the total gut after 9 years of rent .

[Matthew Paul]

Bought this property 9 years ago , it was built in the 1940s . It was as close to original with minimal updates when I got it . Its a 2 bed 1 bath . ( on 3 acres)  .  I made it clean , neat and habitable to get it rented .  But now its time for the total gut .  New everything .  

Now here is the problem , I am a contractor and we are swamped , my subs are swamped . Its going to be a slow project since we are  busy  elsewhere . I will have to use this as fill in work when we have delays on other jobs .  It was raining this past Sunday , so I took the demo crew over . Myself , and my 14 year old and 17 year old .  They liked it for the first hour , by the end of the day , not so much .

This project is already paid for , it rented for 9 years , money was allocated from the rent for this project and was put on the side .  In its prior condition it was a low C rental . When its completed it will be a high B rental . With a 30% to 40% increase in rent . 

It will take longer than I would like , thats just the way it is .  But the entire project will be covered by the profits of 9 years of rent 

[Matthew Paul]

Quote from @Kevin Sobilo:

@Matthew Paul, I suggest you reevaluate your scope of work.

I suspect you can bring the property from a C- to a B+ without doing a full gut renovation.

For example, plaster walls and original moldings are in many ways superior to what most anyone would replace them with in a renovation. 

Plumbing and rewiring can be done with just patches to the walls and ceilings.

Often layouts can be adjusted without wholesale changes to work better for modern living.

Original walls, floors, woodwork and even cabinets can be refurbished for a fraction of the price of replacement.

I personally think defining the scope of work is one of the most important things. I also think its one of the least appreciated things and one of the things that most people struggle with. 

 Its time , there are no closets in bedrooms , electric baseboard heat . Bathroom is in what was once the rear porch . House was studded 24 on center and wall board ( not drywall) was wavy . Lead paint . Windows are original , single pane on hinges . It was a shack .  Blown in insulation that settled in the walls . The previous owner still used a wash board 10 years ago .  BUT its sitting on a 500K piece of property that is going to be subdivided in time .