After they moved out I ripped out all the carpet (even though it was lightly used, haha) and ripped out the kitchen, and are redoing the floors with hickory hardwood and new kitchen cabinets, and granite countertops.

New energy effecient furnaces, rehabbed kitchens with hardwood floors, new bathrooms.100% occupancy.Gross Rents $2250PITI 69k @ 8% over 30 years is $1006NOI is $1244Expenses $1125Positive Cash Flow of $119Claims contractor says 6k to get the 5 unit going and could rent it out at $500 Would this be a winner or loser?

I had it in a unit with hardwood floors and NOTHING would get rid of the smell.

I am currently replacing carpeting with tile, hardwood, and this extra-hard vinyl strip floating flooring (I think it' called allure).Good carpet lasts a long time--- if tenants don't burn it, spill red koolaid on it, or rebuilt their Harley on it.

Really nice 6 inch hardwood trim throughout the house with oak hardwood floors in every room, but the kitchen.

All the other houses are within 100sqft of this one.It needs paint, new appliances (low end stainless) in the kitchen, a tile counter top (diy) and to have the hardwoods refinished (diy also).I put a conservative estimate of $10,000 into repair/renos and the current list price is $112,900.

This way the GC can easily bid out each part of the job, and get me a bid much more quickly than if he has to consolidate based on my "room to room" list of things to do.I'll then have my GC give me a labor bid broken down into the following components:- Permits- Demo/Dumpster- Foundation- Roof Framing- Roof Felt/Shingles- Siding- Gutters/Soffits/Fascia- Decks/Porches- Landscaping- Doors- Windows- Wall Framing/Sheetrock- Electrical Rough- Electrical Final- Plumbing Rough- Plumbing Final- HVAC Rough- HVAC Final- Kitchen Cabinets/Countertops- Bathroom Cabinets- Bathroom Fixtures- Interior Paint- Exterior Paint- Carpet- Hardwood- Tile- Vinyl- OtherOther could consist of anything from install mini-blinds to replacing outlet covers to installing appliances.This generally gives me (and the GC) enough detail that the job can be accurately estimated, and if things change (or surprises are found), we can adjust individual areas accordingly.This also gives me a good idea how much each of his subs will be making, allowing me to figure out what his profit margins will be -- giving me some negotiating help if needed.If your contractors have an issue with filling this out, try telling them, "My lender is requiring me to break it down this way in order to approve the loan."

This allows me to charge more in rents and my last experience, I found out that a 5 yr old boy peeing the bed over and over again can ruin carpet and hardwood worse then any pet can.

No, they're hardwood floors.Thanks Rich

The kitchen/dining room would have a door.I would relocate a door in the garage so that if I entered through the garage, I could still go upstairs without seeing the tenants and make a wall so that tenants couldn't go upstairs.The wall to wall carpet is in great condition but i guess I could take it out and put hardwood when the carpet gets old.I'm guessing the rennovation would probably cost around $30k.My current mortgage is 2800 and I owe about $500k but I need to buy my Ex out.1000sqft homes/apartments that are 2/1 in my area rent for about $3200/monthI could rent the top floor for maybe $3700/month (property manager rents my next door neighbors entire house with similar floor plan for $4500) How can I get financing toa. creatively buy my ex out (maybe pay her out in payments with low interest?).