House Nobody Wanted - 115th Investment Rental Property
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The hosts introduce their 115th rental property, which they purchased during the COVID pandemic when no one else wanted it. The house had minimal landscaping and was in good condition, with new siding, soffits, and a driveway without cracks. The backyard was quiet and fenced-in, which was ideal for tenants with dogs. The hosts focused on improving the inside of the house, such as new kitchens and baths, and kept the backyard as is, with trees that were far enough away from the house and sewer lateral to not cause damage.
The living room had hardwood floors that were rejuvenated, two-tone paint colors, and white light switches and covers. The kitchen was brand new with a subway tile backsplash, granite countertops, and new stainless steel appliances. The bedrooms and bathroom were updated with new mini blinds, hardware, and light fixtures. The bathroom had a plastic tub surround and a metal tub base that were glazed, with new floors, toilet, vanity, mirrors, and lights.
The hosts also showed a bonus room off the kitchen with a sliding glass door out to a patio, which could be used as an office, dining room, or living room. The basement was in great shape and did not require much work. They finished two rooms in the basement with just flooring and paint, which could be used as an extra room, sleeping room, or game room.
The hosts bought the house for $87,000 and put about $15,000 worth of rehab into it, which included cosmetic updates such as kitchens and baths, flooring, and paint. They expect the house to appraise for about $130,000 and have an approved applicant for about $1,300 a month, which will result in a net cash flow of $200 to $250 a month. The hosts are pleased with this rental property and would take 115 more houses like this one.
The hosts introduce their 115th rental property, which they purchased during the COVID pandemic when