We just completed our first out of state rehab which just rented. Heres a extensive summary:
Who: Wife was the "boots on the ground" while Hubby was working overseas and gave decision making and contractor support.
What: We bought a 2,600sqft 4B/1.5ba SFH, full basement, full attic which is 100 years old located an hour away from Cleveland, OH. Purchase was through Homesearch @ $17,000. Home had all new windows, viny sided, newer roof, newer furnace/central air, 100amp service with breaker panel and knob & tube wiring. Located in a small downtown area in a B/C+ neighborhood.
WHY?: We are from California, but we have inlaws in Ohio so after a few trips here in the past I became familiar and comfortable with
the market.
Major lessons learned:
-Become thorough in estimating all repairs according to local cost of work. In order of greater to least id prefer to replace these HVAC, ROOF/FLOORING, KITCHEN, SIDING, Electrical in that order with Electrical being the last thing I would want to upgrade or replace.
-Get a home depot style lockbox with keys at the property ASAP (locksmith can drop it off at time of re-keying)
-Ask and check references for guys doing work for you. Check for criminal history at least!
Most difficult obstacle encountered
-Coordinating work during the ohio winter!!
-Finding handymen, contractors that are Good, reliable cost effective.
-I hired a really good handyman, but he ended up being a heroin addict and ran off with 5k of my money!!!!!!!!
Tips used from Biggerpockets that did NOT work great for me:
-Walmart brand semi-gloss paint. This stuff was reported to have excellent coverage and cheap. The coverage was terrible and
I wouldnt use again.
Scope of work:
Exterior:
-Reconnect two downspouts
-Re-attached loose gutter to roof facia board
-Demo broken concrete steps in front of house
-Re-key 2 doors
Utilities:
-Pex water supply replacing throughout
-1/4 turn ball valve supply shut off valves throughout
-Replace water faucet braided hose supply lines
Main living areas:
-Replace 5'x10' window in first floor
-Patch a handful of plaster holes
-Replace 2 pocket door faulty hardware
-Replace screens on french doors
-Remove carpet in 6 rooms
-Patch hardwood floors (about 5 patch jobs)
-Re-finish hardwood floors
-Lay ~1200sqft vinyl tiles in entry way, downstairs Bath, hallway, kitchen, living room
-Remove/replace ceiling tiles in living room with drywall.
-Paint 2600sq ft of interior walls including removing wallpaper from 1 room. After this we ended up painting over wallpaper
Kitchen:
-Replace kitchen counters with formica
-Remove/replace ceiling tiles with drywall
Bathrooms:
-R&R 2 Toilets, 2 lights, 2 vents, 2 vanity
-Install tub surround
-Demo tiled ceiling in one bathroom and replace with drywall
-Install glass shower door in one bathroom
Bottom line:
-17k Purchase
-15k Remodel cost
-Rented for $1050 / month. This was the largest SFH rental that i could find in the area, so I priced it higher than the average
SFH rentals.
-House came out significantly above average quality than other rentals in the area.
