All Forum Posts by: Will Johnston

Thanks, @Joshua Harger!  That's very helpful.

It is north of Lindell on Westminster, but this seemed to be a pretty good comp as it's just a couple of blocks away: https://www.redfin.com/MO/St-Louis/366-Walton-Row-...

I'm looking at investing in a flip project in the Central West End, and I've got a couple of questions.  I'd be most appreciative if those of you who are familiar with the area could give me some insights.

First, the house is about 3000 square feet, and the plan is a total gut rehab with upper end finishings.  The projected sale price is $775k.  Does that seem right?

Second, it seems like condos in this area sell for more than houses.  I'd love to know the reasoning behind this.  I'd understand if they were high-rises with great views, lots of amenities in the buildings, etc., but they're not.  They're relatively small buildings.  Definitely nice places but not a lot of extras.

And then third, any indication on how the market is looking in St. Louis in general or in this area in particular?  I live out of state, so my only real connection is some good friends that live in St. Louis, but I'd love some insight onto how the market has been recently. I know where I am the market has softened considerably in the past six months.

Thanks!
Will

Not a rule/reg, but I would wonder whether the repairs/rebuilds from the fires still have contractors in Ventura tied up.  Might be difficult and/or expensive to hire someone at the moment.

I would sell if for no other reason than the rent control laws in Santa Monica. Even if the unit isnt subject to rent control due to the age of your building, given the effort to overturn Costa-Hawkins, I’m nervous about buy and holds in California. I live in OC and invest in Washington DC, which does have rent control, but California sounds like its ready to take it to a whole other level.

Just wanted to bump this up after the weekend and see if anyone had any experience or insights to share. Thanks!

I'm considering making some upgrades to a property so that it would pass the HCVP inspection, because I could get more rent from it if I were to rent it for the maximum rent approved for the neighborhood that it is in.

However, I've also read that the DC Housing Authority does a "rent reasonableness" assessment.  Does this simply ensure that the unit is not being rented for more than the payment standard?  Or do they evaluate the individual unit and adjust the rent downward if, in their opinion, it is overpriced even though it is within the payment standard for the neighborhood?

The upgrades I'd need to make would make little difference in the rental value or resale value of the property in general, so the only incentive to make them would be if I can get more rent from the voucher program.

@Matthew Paul , yeah, it's a code issue.

@Teresa F., That's good to know, thanks!

@Ray Johnson, @Teresa F.thanks for the guidance! The 8-10k is total for both units and includes 2k for machines, as well as digging into the floor to tap into the main drain line, as the sink drains are only 1.5 inches.  They're going in the kitchen, the plumbing is the real cost.  The units themselves are in NE but are west of the river.

@Matthew Paul, I'd love to make it a second bedroom, but I'm just adding W/D to the kitchen. There's no space for a second bedroom.

I'm doing a reno on a couple of 1-bedroom units, and while I'll rent to anyone, my target tenant is voucher holders.

I've looked into adding laundry, and the cost is going to be 8-10k.  The units are in a decent but not great neighborhood west of the river.  I'm concerned that without the laundry I'll have trouble finding tenants, as it seems there's a lot of inventory of 1 bedroom units.

Any insights from folks who have worked with voucher holders would be most appreciated.

@Chris Seveney, thanks, that's what I was thinking.