Small success story - new rental

[Dawn Anastasi]

I brought aboard a new rental property recently (rented for September 1st).  It's a 3 bedroom, 1 bathroom cape cod. The primary reason I purchased this property was the neighborhood.  I really liked how nice it was and I got to know the neighbors and they're really great too.

Purchase price = $31,500

Rehab = $6,000 (approximately)

Work done:

+ Painting all rooms in the house (needed primer to cover ugly colors) + ceilings and trim

+ New rainfall tub/shower faucet + plumbing

+ New ceramic tile tub surround and tile base around the room

+ New toilet

+ New glass block window in the bathroom

+ New windows in the entire house (except for large picture window), double-pane vinyl windows with tinted UV protection

+ Basement laundry tub plumbing repairs

+ New water heater

+ Drywall replacement in upper bedroom around stairwell

+ New outlets and switches in all rooms

+ New light fixtures in two rooms

+ New kitchen floor (sheet vinyl) also used on back hall and stairs to basement

+ Miscellaneous (some new cabinet handles, smoke detectors, CO2 detectors, door knobs, new locks, curtain rods, curtains, light bulbs, grass cutting and gutter cleaning)

Rented out at $875/month + utilities.

The tenant I have is actually one from one of my other rentals.  Her son turned 18 and decided to move out, and so now it's just her and her 2 daughters, and they didn't need all the space of the 4 bedroom place they had been renting (at $1100/month).  The new place is less than a mile away from the old place, so it worked out for her with the move as well.

Some pictures (I'm horrible at picture taking so please don't laugh):

BEDROOM 1

BEDROOM 2 (UPSTAIRS)

BEDROOM 3

KITCHEN

LIVING ROOM

BATHROOM

BACKYARD

[Dawn Anastasi]

@Taylor Chiu  my rentals are all in Milwaukee where I live.  I don't invest out of state.  I like the area where I invest, so I stay here.  :)

@Jim Sestito  the rainfall shower head I got on sale, and it was actually only $10 more than a "plain" shower head. For $10 I may as well make it "pop".  And the contractor was able to get a deal on the windows where the tint was no more cost than the non-tinted variety.

Overall I like getting the best quality and useful features if I can pay no more or only a little bit more.  There is the saying "it's only a rental" but you also have to keep in mind that if you want to sell the property in 5 years, those little extras will appeal to a retail buyer.  I don't plan on selling in 5 years, but who knows?  If someone threw the right number at me I would sell.