"rent ready"

[Christina R.]

Would some clarify for me what the concept of "rent ready" is in terms of rehabbing - I see ads for properties being wholesaled whereby the wholeseller puts out the expected repair costs to rehab the home for a retail sale VS the expected repair costs to get it rent ready.

Clearly, there is a substantial difference in those numbers.

Just want to hear from experienced people what they deem a "rent ready" average price would be for getting a property in rent condition. I know you have to know your market too because renters in certain markets expect certain amenities. Maybe I've already answered my own question there - but if anyone can chime in with any advice/explanation on this, I'd appreciate it.

Thnx!

[Steve Babiak]

Rent ready vs rehabbed for resale will bring out multiple opinions.

I'll give some examples that might help you distinguish.

The all pink bathroom, pink tile on the floor and pink tile around the tub. If it is clean, no mold, no missing or broken or cracked tiles - that is rent ready. For resale, a buyer would want a newer look, since pink is considered dated. Several other colors fit this same dated appearance, but as long as it is clean and in good condition it's rent ready.

The kitchen with out-dated cabinets and cabinet hardware and formica counters, maybe even in harvest gold or avocado green. As long as they are clean, everything works, and the counters are clean and not de-laminating, that would be rent ready. The cabinets might be "improved" with a coat of paint to help. For resale, harvest gold and avocado green would be considered dated and buyers would not care to buy. Cabinets and cabinet hardware can have a similar affect upon a buyer's thinking, but a tenant might be OK with those if in good condition.

You can similarly go through all the features of a house - lighting, roof, basement finish level, appliances, etc.