We’re in the final stages! Painting is complete, kitchen cabinets have been installed, plumbing is finished, floors are sanded. Did a walkthrough created a punch list of more things to get completed/touched up. Decided to replace outlets and fixtures ourselves to save a couple hundred dollars. Gotta put the property up on Zillow to start screening tenants.

Thanks to Vinson for painting, plumbing and acting as project planner/general contractor. Thanks to Jeremy and Rob for the advice. Thanks Quentin Sharpe for the floors (they turned out great!).

Here are the details: This home is located in the Nortown neighborhood of Detroit, Michigan. It's a 3 bedroom, 1 bath, 1,194 sq ft. brick home with an un-finished basement and no garage. My original estimated rehab costs was $30,000, which comes out to $25/sq ft. Re-hab includes painting whole house, renovating the kitchen and installing a half bath in the basement. I purchased it at $18,000 with about $3,000 in closing costs. I incorrectly estimated the ARV to be $73,000. Which would have gave me a gross profit of $21,000, with estimated $3,000 in closing costs which leaves $18,000 in net profits. A contractor come out and estimated the initial reno costs to be $36,230. The actual ARV in the area is $45,000. So I decided to cut back on a kitchen gut and installing the half and re-focused on making this home a rental. Cut renovations to $17,000. Rents in the area $800-$850. Expected cash flow is $512. Please provide feedback. Thanks!

operating revenues	actual monthly	year 1
gross scheduled rental income	$800.00	$9,600.00
vacancy rate	5.00%	$40.00	$480.00
net rental income	$760.00	$9,120.00
other income	0.00%	$0.00	$0.00
gross income	100.00%	$760.00	$9,120.00
operating expenses
repairs and maintenance	5.00%	$40.00	$480.00
property management	10.00%	$80.00	$960.00
taxes	9.38%	$75.00	$900.00
insurance	6.56%	$52.50	$630.00
salaries and wages	0.00%	$0.00	$0.00
utilities	0.00%	$0.00	$0.00
professional fees	0.00%	$0.00	$0.00
advertising	0.00%	$0.00	$0.00
other	0.00%	$0.00	$0.00
other	0.00%	$0.00	$0.00
other	0.00%	$0.00	$0.00
total operating expenses	30.94%	$247.50	$2,970.00
net operating expenses	69.06%	$512.50	$6,150.00
Cash flow from operations
total cash available for loan servicing	64.06%	$512.50	$6,150.00
debt service	0.00%	$0.00	$0.00
remaining CF from ops	64.06%	$512.50	$6,150.00
plus principle reduction	0.00%	$0.00	$0.00
total return	64.06%	$512.50	$6,150.00
CF/ Debt service ratio	#DIV/0!	#DIV/0!	#DIV/0!
Net Operating Income	1.03%	12.30%
Cash ROI	1.03%	12.30%
Total ROI	1.03%	12.30%