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Updated about 6 years ago, 12/02/2018
over vs under rehabbing for rentals
[Context - duplex in jefferson/westpark area. rent - $1400 total (700 each). I would classify as B-/C+ neighborhood. Lower unit is occupied so I would only be renting upstairs]
Got inspections finished over the weekend and it looks like we're on track to close. There were a few things that popped up during inspections and had my property manager see the place in person as well and give their opinions. All in all, there were a couple additional things that were suggested that I should look at and repair.
The numbers I initially ran allowed for 15k in repairs but obviously, smaller the number the better the returns.
Question: What should I prioritize NOW to make this rent ready as soon as possible?
Here's a list of what was suggested... 1 STAR for the ones I think would be prioritize now, 2 STARS for things I should repair at some point (maybe in the summer when weather improves and I renew leases). 0 STARS for things I think wouldn't necessary for a rental like this.
-New Roof ** (no leaks found from investigator, did of course suggest to replace since shingles were curving) // 7-8K
-Front porch beam re-alignment * // 6-700 bucks
-Landscaping (need to slope up sides so water doesn't flow directly into basement? Push gutter up so water isnt dripping and rotting wood on bottom
-Garage (unused) needs a foundational support beam. A lot of weight is relying on a single 3 by 4. ** // 2k?
-back and front porch ** (wood is rotten, steps aren't broken but are super old) // 2.5k
-Downstairs occupied unit bathroom ceiling has 2 sq ft of tiling missing * // 200 bucks?
-Downstairs occupied unit bathroom has small faucet leak * // included...? 50 bucks?
-Upstairs windows need to be replaced. One has glass broken, others has pulley system that are broken * // ~2k for 3-4 windows
-Furnaces - 22 years old but they're really only running during winter. Near end of life but I think they should be good another 5-10 years.
-Mold - inspector found some very minor mold spots in bedroom closet, attic, and garage.
-Ceiling fans - Property manager suggested we switch them out. Old and relies on constant string tugging. One of the fans don't work. * // 300 bucks
-Doorknobs, updating kitchen outlets * // $150 bucks?
-Basement water heater needs to be sloped upwards? needs to be re-centered
-Insulation has been installed over the knob & tube wiring in some places.
-Deep Clean* // $250
Summary:
If I just take care of the one stars to stabilize and make ready for rent, we're looking at like 4k which seems about right.
Thoughts on what I should take off, add on?
I know I've posted a lot here. Loads of questions and honestly some fear as I'm going through each one of these little steps here.
Thanks in advance BP Cleveland Community!