First Quadplex Successfully Renovated & Rented!

[Matt Jones]

Last year I bought a quadplex an hour from my house that needed a total remodel.  To add to the fun I was in the middle of my first major rehab, which was on a 100 year old house in a historic district, and I was trying to sell my personal home all while working full-time.  What was I thinking??  The good news is that the home in the historic district is fixed up and on the market, it came out great.  The even better news is that my quadplex is finished and I have deposits on all the units and will have all of the tenants moved in within a week or two.  It is great to finally have money coming in after two $50k remodels on two different properties...  Numbers on the quad plex:

Purchase Price: $54,500

Rehab & Holding costs: $51,000

Total investment: $105,500

Gross Monthly Rents = $2800, Tenants pay all utilities

I'll post before and after pics below.  Thanks for reading!

Concrete floors in the living room.  Issues with the sheet rock & popcorn ceilings.  Some interesting paint and wallpaper choices.

I went with all tile to keep maintenance low, put up trim around the fireplace and put up a mantle.

Fireplace before

Fireplace after

Kitchen before.  Also had cabinets hanging down to the right that separated the living space and made everything feel closed off and dated.

Took down the cabinets over the bar, cleaned up the rest of the cabinets and added new counter tops and stainless appliances.  I heard someone on the podcast talk about adding touches like the stainless into rentals that would not normally have that kind of feature.  Extra expense was about $200 per unit but I'm getting $50 more per month than the surrounding quads that are identical.  I also had tons, I mean tons, of applicants.

Bathroom before.  Leaking shower valve, missing toilet, tile issues from the moisture.

Tile surround, new toilet, new tub in this unit.  Turned out two of the original tubs had significant rust. 

I also added ceiling fans to all of the bedrooms, put in 6 panel doors, replaced the missing AC's and furnaces and added tankless hot water heaters among other things.

Let me know what you think and thanks for reading if you made it this far!