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Updated almost 8 years ago on . Most recent reply

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72
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13
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Benjamin E.
  • Investor
  • Chicago, IL
13
Votes |
72
Posts

Repost - question on rental rehab/doors/trim/molding or paint?

Benjamin E.
  • Investor
  • Chicago, IL
Posted

Hi All,

This is a repost as I put it in the wrong forum earlier. My apologies. Would appreciate your thoughts. Second multi-unit, first real rehab. 100k budget and 70k in. So I have a three flat that I have been rehabbing from top to bottom. Got a ton of major repairs done already (new plumbing, gutted basement, new fence, roof, chimney work, concrete work/sidewalks, parking, new yard, etc. Second floor unit done, but was not in as bad of shape as the ones I am discussing in this post). 

Am through one unit already, but when I got to the second and third units I realized that they were in much worse shape than I originally thought. I am up to about 17k per unit. This includes all new kitchens (able to salvage cabinets), bathrooms, appliances, painting, hardwood floors (refinish where possible replace when carpets existed), etc. My main contractor wants me to rip out and replace all the doors (8 of them) and surrounding trim, as well as take out the crown molding and baseboards which are very old, outdated and caked with layers of paint. The door frames are also 1-2 inches off the frame. I.e. - crooked. 

This is a very old Chicago brick three-flat. He wants $3,500 for each unit to do this extra work. Question is, is it worth doing? Originally we had agreed on sanding and painting it all. Attached are some photos. Thoughts? I think it would of coursr look great newly framed and leveled, but as these are rentals and everything else will be new and/or updated, is it necessary to do this? 20% more per unit for this seems like a lot, and I am not sure that a renter will a) care about this compared to all the other work that has been done b) take care of it, meaning it will just need cleaning up/repairing down the road c) pay any more on the rent over what I will be expecting to rent the units out for ($1300-$1400). Lastly, I was also trying to look at this from an appraisal value approach, but don't know if I will necessarily get a return on the appraised value from an appraiser. I plan on holding and renting, and not selling. The appraisal would only be done for an equity line down the road. Thoughts? Not sure if I mentioned it, but the molding and baseboards are plaster. Thanks so much.

Most Popular Reply

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1,817
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831
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Patrick Liska
  • Investor
  • Verona, NJ
831
Votes |
1,817
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Patrick Liska
  • Investor
  • Verona, NJ
Replied

You have some settling issues there. Personally i like the old doors, they are also wood and not some cheap hollow core doors. if you want them to look better, have your contractor take them off and cut the tops of the doors to get the gap smaller. what he will then have to do is reset the hinges on either the jamb or the door and reset the door catch on the jamb. another way is to have him do is rip down a piece of 1 x 2 ( face side ) from 3/4" to nothing and add it to the top of the door, sand it even and paint. that will be the least expensive way. the crown i would try to fix up, that may take more time to do then it's worth, if it starts to take to much time, rip it out and replace, i think you will find that will be the least expensive way to go in the long run, if a lot of it looks like that picture.

  • Patrick Liska
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