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Updated over 7 years ago on . Most recent reply
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SFR Rehab to Rent in Kennesaw - Contractor Recommendations Needed
Hey Guys,
I'm closing on my first rental - a single family home in Kennesaw, GA on Thursday. I've been lining up contractors, getting estimates, etc. but want to make sure I'm getting the best value/high quality contractors so I thought I'd post.
The house is a 4 sided brick ranch, about 1400 sq ft.
3 br/1.5 bath - going to be 4 br/2bath
Very close to downtown Kennesaw.
Purchasing for $103k
Estimated rent per my agent (who works mainly with investors) and his comps is $1300-1400 with renters paying all utilities and keeping up the lawn.
Appraised: $113k
ARV estimate: $145k
My goal with this property is to hit the 1% rule (Be in it $130k or less) and cashflow $500/month. With 20% down, after taxes and insurance, mortgage will be $587. If i get even $1200 per month, my calculations say i should hit that target
The property has been owned by an investor for years and has a lot of deferred maintenance. I'm planning to put the difference between $103k and $130k into renovation (possibly less). Here's what it needs:
- Roof (with gutters, downspouts, facia, soffit)
- Plus, install hardiplank siding on roof gables ~100 ft combined
- Flooring
- Refinish 900 sq/ft of hardwoods
- Pull up 200 sq/ft of old tile/linoleum and replace with LVT
- Level out 300 sq/ft of tile and lay LVT over top
- Plumbing
- Install stand up shower in one bathroom (the two bathrooms are mirrors of each other, back to back, one just doesnt have a shower). Plumber said I have cast iron pipes, harder to work with i guess?
- New water heater + Expansion tank
- Paint
- All interior and trim
- Fix previous amateur repair on crack in ceiling
- Kitchen
- New kitchen counter top (L Shaped, about 25 sq ft in total)
- Refurbish cabinets
- General
- Remove one interior door and wall up (this is behind the new shower)
- Replace one exterior door
- Exterior
- Landscape (mow, clear small brush/overgrowth, trim hedges)
- Repair about 20 ft of fallen fencing
- New crawlspace door
I'm not against DIY'ing a few things, but time constraints with a full time job mean hiring almost all of this out. If any of you have positive experiences with contractors in the area for any of the above areas that were good to work with as an investor (not trying to upsell you or overprice) I'd love to hear about them!
Thanks. I'll update the thread as i go