Mini-remodel For Rental Property, Part Un

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This is the type of project anyone can do inexpensively in 3 weeks; the budget is $10,000. Based on a cap-rate of 7.5%, this translates into $53,000 ($4,000/.075) more in the value of this income asset. See below.

I got a call from my soon to be mother-in-law last week. It’s not what you’re thinking, she is the best! She is real estate savvy, and a broker herself, and asked me to supervise on a face-lift of her rental property while she was out of town. 2 bedroom, 1 1/2 baths, 1800 square feet.

The instructions are to build-out a shower in the existing powder bath to convert it to a 2 bath unit, appealing to more roommates; this bumps the price to $1750/month in East Nashville (up from $1350/month). I have also been instructed to “spruce it up,” included in the total budget of $10,000. She has provided me with these drawings:

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The following has been purchased:

-Tile: Floors Direct for $380

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*The tile is measured by adding-up the square-footage + 10% recommend having your subcontractor telling you how much to order, so he is accountable for any shortages.

-Light fixtures: Still needed.

-Vanity: Ikea online (Ikea Vanity), $78

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-Shower Panel: Signature Hardware (Shower Panel), $399

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Today, Jose, our contractor, and I did a walk-thru to layout the work, and ensure he has all of the materials on site. I accessed the rest of the house, and don’t see too much work that needs to be done. I think painting the inside from a light peach color, to a white or grey would clean it up, and will look for a light fixture above the vanity. Jose will be here with his guys to start tomorrow!

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