Redo the old apartment and rent

[Sharath Kumar]

We took over the apartment. Did not form business yet but idea is to redo everything and keep collecting the checks for next 15 yrs. my partner thinks it's not a good idea to change drywall sheets but change everything else. It's a 1970 apartment, has some dust in it. What would the estimate if I don't take contractors help and instead do it my self

[Bill S.]

@Sharath Kumar so don't overthink this and don't spend too much money. Removing drywall is a really bad idea. Very costly but little to no return. Based on the pictures you provided I would do the following, new granite counter tops, stainless steal appliance and three tone paint. Ceiling white, SW repose grey in eggshell for the walls and bright white in semigloss for the trim. Hardwood floors and tile or high quality vinyl floors. As for the popcorn ceiling, not all contains asbestos. You can have it tested relatively inexpensively and know for sure. 

Now as for DIY. My question is, Just how much is your time worth? Most of what needs to be done to the unit can be done by people for $15-$20 per hour. In addition, you will be far less efficient. Finally consider the cost of lost rent while you take longer than it would if it was hired out. For example, a crew of three can paint the unit in a day. It will take you a week. Lost rent amounts to $250 now your hourly rate is somewhere in the $10 per hour range. 

An investors greatest tool is the pen and check book. Your greatest assest is your brian not your hands. Use your brain, the pen and the check book. Count the cost when you don't. 

Remember it always costs twice as much and takes twice as long.