All Forum Posts by: Jim Adrian

It depends on what you are doing, what level of finishes you what.  I would budget $50 / $75 per sq ft to get an estimate started. Tou really need to make an itemized list and sq ft.

You may need to find something close and modify / tailor it to your needs.  It seems I find ways to tweak spreadsheets for my needs.

I agree with the others.  There are 2 separate problems.

1) I would think you may be pushing 170k on the high side. 

2) I would budget anywhere from $50 to $100 per sf ft.  It looks like you are wanting to update the expensive items.  hvac $7k, deck $7k.  It sounds like more of gutting the kitchen and bathrooms.  You need to make an itemized budget. 

3) I don't think you will get it with a low ball offer.

I think if you really want this house you many need to put some lip stick on a pig and keep moving.  Give it a fresh paint job on walls and doors, new carpet, paint the cabinets.  Start small and work your way up.  You many also need to put a lot of sweat equitity into this house to save/make the money you want to see.

I have heard of 3 unrelated people in one residence. I want to say there is a Fair Housing statue that covers this but I don't the specific reference number/chapter. Local zoning will/can play a roll on this as well. I would call the city building dept or the mayor hotline for your area. Other places to call would be HUD but not sure if you are opening up a can of worms when you call. The big give away to the neighbors will be all the cars in the street.

The designers 2 cents.... 

First off nice job and I like a lot of things I see here.   I dont like pedestal sink due to functionality when it's in a full bath. Now a 1/2 bath they are ok in.   I like the tile in the bathrooms.  I like how you got the place professionally photographed. This is worth it to market and for portfolio.  Never been a fan of white cabinets but totally a personal choice.  I like the exterior color but im not sure about the wood planking at the street. The house is modern or mid century style to pull off the planking.  The common person would love this house. I like the subway tile vertical. Grey grout will find the mildew. Light color grount never stays clean. I like the wood floors.  

Thats not a bad price (50-100) per sq either.  75  per sf is a good average but all depends on how much area and level of finish. 

I  don't allow pets.  I also don't have a fenced in yard which makes it easier not to have a pets or at least dogs. Nor do I want to deal with any aftermath problems.  To allow pets or not is "to each your own" I feel.  Pro and cons each way but make sure you have pets covered well in your lease.  I would require vet shot records with yearly updates, extra insurance and you listed as an additional insurer. Being an additional insurer allows you to get paid when the pet damages the house and the renters or you can file a claim and get paid.  Not refundable pet deposit and check the limit for your state.  My state is 1/4 of the rent.  

I use...  https://www.tenantbackgroundsearch.com/ 

I have 2/1 on a busy street which rented in 2 weeks for me.  It is a niche market at that size but maybe for snowbirds it would be good.  You will have to run the numbers to see if it fits your business model.  You do have the amenities which is a huge plus!  This may be a unit that works well on the % profit but not an the $ amount of profit.  My first year profit average was 25% after self managing it.  If you could find some snowbirds you could give them a discounted rent when they are not living at the unit.

Some of this will depend on how much exterior work you are planning or needing to do.