This is my first deal diary (although not my first deal), and I figured I would try to document the progress of this one, as I often look back after a project is complete and wish that I did document the process.
I locked this property up while it was still off market (on a tip, a day before the owner was going to list it), for $40,000. I own a number of units in the area, and this property is less than half a block from the redevelopment area and new 140 million dollar hockey arena/hotel. It is in a strange spot, though, tucked away in a seemingly forgotten alley behind one of the more prominent thoroughfares in the city. The building is entirely brick construction, and about 2500 sq feet. The first floor is a large 2 bedroom apartment and the second floor is comprised of two smaller 1 bedroom units. If the property had hit the MLS for the intended list price of $50,000, it probably would have been bid up to near $75k, so I was lucky to have gotten it at the price I did.
The three units had new furnaces and 3 working hot water heaters, but that was about all that was salvageable other than the roof. The previous owner must have not known how to spackle, because every sheetrock seam in the building was covered with a 1x1 inch piece of pine and painted. There was no spackle at all on any of the sheetrock. We had to remove each piece of wood and then afterwards, scrape and spackle all of the walls in the building.
The game plan was to replace all 20 windows, all the doors, and the majority of the trim, retile the bathrooms, sand all the hardwood floors, new kitchen cabinets and granite, backsplashes, new exposed duct work, etc. Total repair/renovation budget is $25,000. We are now about 50% of the way through the reno and I think we will be able to meet our goal. Please note, I do not use subcontractors generally. I have a full crew of in house guys that do my renovation work, so my renovation numbers might seem a little light.
Some progress photos and vidoes are below:
