Newbie: Another Rehab in the Books (With Pics & Numbers)

[Cory Iannacone]

This is my second rehabbed property, which was just completed today (and listed today).  So, the jury is still out on whether or not this can officially be considered a success story.  Let me know what you think.

I purchased this duplex in mid-September in a historic district in Harrisburg, PA. Unit #1 was a very large 1 Bed / 1 Bath which the owner just rented out for $775.  Unit #2 was a very large (2 floors) 3 bed / 1 bath, which was vacant and needed some work.  Current owner was looking to try to get $1,000 for unit #2 if he kept the house.  I purchased the house for $119,000.00 with $3,000.00 seller help to offset some closing costs.  

I completely updated Unit #2.  Also I added an additional bath to make it a 3 Bed / 2 Bath.  Each floor in unit #2 has its own bath and very large bedroom. 

I am out of pocket $27,000 in rehab costs.  Most of that money went to Unit #2, however, some went to exterior common maintenance.  I just listed Unit #2 for $1,330.00.  So, what do the numbers look like?:

Purchase Price:  $119,000.00  ($3,000.00 went to seller assist)

[Potential] Gross Rent Revenue: $2,105.00

PMIT: $909.00

ARV: $170,000.00

Rehab: $27,000.00.