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Updated almost 6 years ago,
Multi Unit Renovation, Am I Overdoing it, or on track?
On my first multi property investment, 6 units in a c class neighborhood, 2 are vacant, one I had evicted before closing as part of the deal, he was 4 months behind, the other moved out, the units all need to updated and renovated, they have good bones but neglected for many years, they are two brick buildings, both with a new metal roofs.
So I started with the first one, a lower semi basement unit, 680 sq, ft. I'm a contractor and doing the work myself, $9,000 and 4 months later, new bathroom, 40% drywall replacement, painted the solid wood cabinets, new tile countertop & mosaic backsplash, all tile floors, new plumbing and light fixtures, washer & dryer hookups, new windows, new baseboard heaters, doors & trim and a wall tile design for good measure. I will be charging $550 to $600 monthly, currently the highest rent is $390, average rent in area for similar, $500, low average $600, $800 high
I have a tendency for design and custom work and like being creative, but I'm starting to think I may have to keep myself in check and dial it down a bit, my thinking is, make them nice the for long term maintenance free hansel and to attract a higher end tenants, it's worked for my single family rentals but now wondering how it will work in multifamily C class area.
Is my thinking on track or am I creating a new hobby for myself. I'm anciouse to get them done and rented for the target price and move on to the next multi property. I'm getting ants in my pants. What do you think?