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Updated over 7 years ago,
Rehab for rental on townhouse? Cat pee nightmare
Looked at a Townhouse. Here are the stats.
3 bed that had the 2 smaller bedrooms modified to make one large room. so currently a 2 bed 1.5 bath. Brick faced and ~1100 square ft.
The place needs a roof (~4k)
The place had cats and there is urine and poop in EVERY room. I nearly vomited when I walked in. 100% of the floors need replaced and the baseboard has poop smeared in it. It will need paint all around.
I have another unit that is the same floorplan but the proper 3 bed layout. it rents for $650 and I bought it from the same seller for 40k last month. It also needed a roof and about 1500 in work.
How high should I go on the next property? 28k assuming 12k of work? or less ?