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Updated almost 6 years ago,
Need help estimating ARV
OK, so I bought a house. Officially was listed as: 3 bed 2 bath 1 bonus, 1756 sq ft. Dirt driveway with "one car garage" (no car will fit in that garage though), built in 1910, new roof in 2015. Small town in the middle of Kansas, purchased for $86,900. Any other details you would like let me know.
I'm living in it and rehabbing it, with the goal being to cash out refi it or HELOC it and use that money to buy my first true investment property. What I'm looking for is any help estimating what these improvements will do for the ARV, or really any other materials I can use to better understand how certain home improvements affect an appraisal from a bank. Here are my potential improvements. Would love to hear any more ideas that you all make sure to do during a rehab that i may be overlooking.
Inside:
-Most of the house is plaster and lath. We will be tearing all of this out, re-insulating outside walls, adding outlets (house built in 1910), and then putting up sheetrock and painting.
-Refinishing the wood floor upstairs, while replacing the cheaper laminate downstairs with some sort of wood flooring (suggestions welcome)
-Building a closet in the bonus room so it can be officially listed as a 4 bed 2 bath
-Redoing the kitchen entirely, removing cabinet space to install a dishwasher and reposition stove, and then constructing an island.
-Probably putting some sort of nice tile/flooring down in both bathrooms
Outside:
-Removed chain link fence in back yard, will be putting up a nice wooden privacy fence.
-Install guttering (none currently)
-Taking out an estimated 10 trees and the "garage," redoing driveway so you can drive through from street to alley, and then installing two space carport. Would really like to pave this but it will probably just end up being rocked (unless someone thinks I can get all that value back in an appraisal).
-I have already completely repainted the entire outside of the house, adding a lot of curb appeal (no idea how much appraisal value).
-There is a walk out balcony that we will be screening in. Maybe 15 foot long by 5 feet deep?
Thanks in advance. If there's anything that I'm not including that you're curious if it needs updating just ask. I'm still extremely new at all of this. Also wanting to do most of the work myself these first few houses to learn what a lot of this takes.