Depriest Downs
Purchased on auction with cash, remodeled with minor issues, rented for 2 years and sold upon military retirement orders. 4 BR, 2.5 ba, 1600sqft working class neighborhood, detached condo.
Before
After
Major hurdle: Found foundation leak water intrusion after purchase. Cause was small leak in the water supply pipe in the concrete foundation. Upon further examination the pipes were not up to standard and all of the supply pipes would need to be replaced. We ran all new supply plumbing in the ceiling vice the slab basement and capped the prior supply plumbing.
Cash outlay 139k
NOI 13k annually
Sold for 170k after closing costs
COC return approx 23% APR
Warwick
MLS purchase with cash based on minor cosmetic issues and high probability of major appreciation in the area. Solid rental that was used as a primary residence and sold.
Before
Issues: Foundation had some slope which had to addressed, cosmetic improvements, and HVAC replacement.
Purchased for 179k
Renovation: 35k
Sold for 234k
Paint colors and bad flooring
After
Kitchen remodel and LVP added
