Unfortunately, we are now in the midst of the COVID-19 pandemic and leasing is very slow but we do get the first few residents set up in their new apartment homesJuly 2020: Community is 95% occupied with average rents at $675/month (range from $613 - $735)Rehabilitation included: Rebranding and signage, exterior pavement and concrete, fencing around the community, restoration of the brick and masonry, weatherproofing, gutter and roof repair, landscaping and lawn care, security surveillance, interior renovations included new flooring, paint, appliances, sinks and countertops, low flow facuets, repairs to the plumbing and electrical systems, new water heater. 

Purchase price: $47,500 Cash invested: $37,500 A tri-plex we purchased from what I would politely call a slumlord, over the course of 2 years we gutted and renovated a 2 bedroom unit, completely rewired, re-plumbed, and redesigned the other two 1 bedroom units.

Homeowners can pull building permits and then Electrical Plumbing Mechanical need to pull their own permits because they have their own licenses

New electric, plumbing, and heating systems were added, and cosmetic updates like new flooring, cabinets, and paint.

New plumbing, new tile, new AC unit.

The last five years has been a cluster f of naive, inexperienced, poorly capitalized and unprepared wanna be real estate investors ( feeling fully “empowered” by obtaining information via books, video, on line websites, seminars, etc) buying properties that can’t possibly cash flow positively, especially in the long run when worn systems, such as HVAC systems, roofs, plumbing, electrical will need to be replaced or upgraded.

My prior experience has taught me:  take the profits from year 1 & 2 and update HVAC (if its within 5 years of its useful life), Roof (if its within 10 years of its useful life), Plumbing (make sure the system is in the best possible working condition) and Electrical (make sure system is in the best possible working condition). 

Tenant shall be charged for all damage to Premises as a result of failure to report a problem in a timely manner.Tenant shall be charged for repair of drain blockages or stoppages, unless caused by defective plumbing parts or tree rootsinvading sewer lines."

If plumbing is placed in convenient locations and you are able to split the Heat and A/C service, it could be 5-10k to add a new unit and really up the value and income. 

We need to finish some electrical, tons of drywall, plumbing ( sinks and toilets) If anyone knows anyone that has good experience with whole building flips renovation in the buffalo area please let me know.