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Updated over 2 years ago,
Rehab vs cosmetic renovation by Property management contractors
Hi. I've recently bought an out-of-state rental property in Cincinnati, OH.
My property manager gave me a list of rehab items for the unit. What are your thoughts?:
I'm thinking about doing a rehab vs. just fixing & cosmetic renovation. With rehab, rents will increase by $200 and we'll be able to get a better tenant (in PM's opinion).
What are your thoughts on cost (is it better to find and hire a contractor or go with PM's contractor)? Is it better to do a rehab or cosmetic renovation in terms of ROI and risks?
labor/Material rough estimate
Flooring(labor) : 2500
Flooring Material: 1.5 per sq feet + padding
Kitchen - 3000
Cabinet & counter top ( see/select home depot website)
Bathroom - 3000
Tile + Tub and fixtures ( see/select home depot website )
Electric - 1500 ( inside unit )
Electric Materials ( see/select home depot website
Plumbing - 1500 ( inside unit kitchen and bathrooms )
Plumbing Supplies see/select home depot website
Painting - 3000
Paint see/select home depot website
Windows ( replacements ) per window $450 all included
Cleaning - $350 final cleaning
Trash Out -$500 ( includes dumpster and dumping fee )
Appliances - 2000
// Total (without materials): 18’700
From Inspection Report
Labor ONLY
3.3 - Repair gutters - $475
5.4 - Exhaustive fan (kitchen) - $350
5.7 - Dishwasher - replace ( $450 )
9.3 - water heater - fixed and fixed all the leaky gas lines - 2K
10.7 - replace all outlets - $2500
2.9 - Insulation not present (basement) -
4.1 Damaged drywall (wallboard contractor) - $ 750
4.2 - Wall - elevated moisture leaking window - replace window ?
6.0 Sinc is draining slowly (bathroom) - snake the sink - $350
6.1 Float on the flapper (Toilet) - $75
6.4 Exhaustive fan in bathroom - ??
7.4 Ventilation in bathroom - ??
9.1 - removing deadlines - $175
10.2 Grounding rod - have to check with electrician
10.6 Damaged fixture (fan) - $150
10.7 Replacing outlets
10.9 Smoke detectors - $150