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Case Study - 4 plex rehab and rental - avg net cash flow $11,094 / yr. |
We purchased this property considering the following Criteria; |
- Fannie Mae owned property on market for 16 days in the MLS for $74,900 ($12/sq.ft.) - Property located 1 block away from our rental duplex - 4 apartments with 7 bedrooms total on 3 electric meters - Roof condition very good, no repairs required - Exterior condition good, no repairs, just cosmetic finishing work required. - Off street parking for 1 car each unit - Sufficent space to add income generating laundry room - Fenced property - Built in 1990 |
BEFORE |
AFTER |
Scope of work - 1st floor units; |
- Add walls to create a new laundry room, add entry door for apt A acces. - Relocate electric HW heater to new enclosure in laundry room - Add breakfast bar partition in kitchen, install new countertops and cabinets - Install new sink and insinkerator - Demo rear wall to add 32" x 36 window - Replace bathroom vanities, faucets and mirrors and install new shower door - Demo flooring, install new vinyl tile flooring - Install 2 window AC units, 1 into rear wall, 1 into bedroom window. - Remove large commercial front window and replace with two 32" x 48 " windows - Install new ceiling fan and cabinet lighting - Install washer and dryer in laundry room - Install smoke dectors |
Scope of work - 2nd floor units; |
- Install 2 HVAC air handlers in attic - Move 2 electric HW heaters from closets to outside behind building - Replace kitchen countertops and sinks, refinish cabinets, install insinkerator - Replace bathroom vanities, faucets, mirrors and light fixtures - Install stove and refridgerators, overhead stove cabinet and exractor fan - Install ceiling fans and light fixtures - Replace all flooring with new vinyl tile - Repaint all walls , doors and trim - Replace screen door dampeners - Install door peep-hole viewers - Install smoke detectors |
Scope of work exterior; |
- Repaint exterior doors, walls, window trim and steps, repaint wood fence - Repair chain link fence and install new fencing and gate to A/C compressors - Install new mailbox stand with 4 mail boxes - Build enclosures for HW heaters behind building - Install new A/C compressors on preform concrete slabs behind building - Add 4th and 5th electric meters - Re-seed yard lawn |
eXp Realty in Georgia, Atlanta area Promenade II 1230 Peachtree St. NE. 19th floor Atlanta, GA 30309 Broker office: 404-422-6575 |