@Dan H.
I have no loan on the property, as I bought it with cash and have been slowly doing rehab while there was a very messy tenant family living there. The property was falling apart while they lived there, and it was difficult for me to get them out of there, as I was consistently getting the rent, albeit late most months and the property was falling further and further into disrepair. It had never been maintained or had any real repairs done since it was built in 1979. So now that it is empty, I have been doing as much work as I can myself, such as painting all the walls, replacing damaged bricks, drywall repairs, AC duct repairs, plumbing repairs, and simple electrical stuff to save money, but do not feel like I have the woodworking skills needed to install cabinets or siding and have it come out looking professional and clean. Also, I have been extremely dissapointed with how high prices are to have people work on stuff, and then the cheaper guys seem to have horrible work quality. Considering the purchase price in 2022 of 32k, and my additional costs so far of 27k for new roof, new septic, major electrical repair, AC repair, garbage removal, lawyer fees, and lots of miscellaneous, that puts me at 59k so far. Then I am expecting another 20k-25k for these most recent improvements, depending on the option and pricing of getting new cabinets or not. So I am going to be at 85k total all in cost, but have a mostly low maintenance rental at that point. The price that the house would sell for once I get it to that level is around 170k, and I know I could at least get 1300 in rent for it. but hoping for 1500. I feel as though these repairs/ improvements are needed, because the condition of the property previously when I was getting the 1000 in rent I feel was unacceptable and a liability. I would like to refinance with a conventional loan, but I am looking to use a conventional loan in the next year on a different house I would live in for a while and then rent out and buy another. So I don't want to get a loan on this one yet at these current interest rates which I am not impressed by. I originally planned to get a refinance loan on this house when rates were 3-4%, but the property was in such bad shape the banks kept rejecting my requests for loans once they saw the condition of the property, and I couldnt qualify for insurance at that time. Currently, I am not in a massive rush to get a loan on this property, but I would jump on it if interest rate were low. And I am now researching how best for me to repair and paint these cabinets myself! It seems like it would be around 2000 for decent quality RTA cabinets delivered from online, then probably 1500 for someone to install them. So its either 300 for paint materials and my time/ labor for painting/repair. Or 3500 for new cabinets + install.