2 Bed 1 Bath Rental House ($12,500 purchase price)

[William R Johnson]

Hey guys,

   I recently purchased this 2/1 house in southwestern MI back in Sept. It was a foreclosure and I was able to get it for $12,500.  Needless to say… it wasn't in good shape but we've made some good progress and are nearly ready to list it for sale.  Here's a non-exhaustive list of some of the projects that we had to do to it.

replace water main from the street to the house

replace all water lines in the house

tear out all carpet

Paint the interior (will be painting the exterior or residing in the spring)

put in new laminate/vinyl floors throughout the house

repair dishwasher and oven

install gutters on back of house and fix some water damaged areas of the wall

replace some of the rotted subfloor in the bathroom/laundry room

repair the furnace

replace back door

change door knobs and locks

various other small repairs… patch holes, outlet covers, etc…

Purchase price = $12,500

Closing Costs = $1050

Rehab (still an estimate, but it's close) = $13,500

Total Cost = about $27,050

Rent = $750/mo

Here are some before pics 

[William R Johnson]

Here are some after pics.  I don't have one of the outside which has not changed too much except for the landscaping.  We plan on painting or residing when it warms up.