The renovation for this property is complete. We have secured a section 8 tenant at $1,288 a month that has moved in, and the lease terms are 9/14/2017 and set to renew on 8/31/2018.
Here is the Scope of Work Completed on this property:
- Installed new back wood fence approximately 35 feet
- Removed all debris, removed broken bricks
- Cut out all overgrown bushes and grass
- Removed existing porch
- Rebuilt new back porch to code (removed/replaced all old posts, removed dirt and filled area with cement under porch, repaired split between porch and enclosed extension of house, removed/replaced old damaged siding as well)
- Painted front porch including railing
- Painted entire inside of house including ceilings, walls, trim and doors
- Glazed bathtub in bathroom #2
- Stairs leading to second floor sanded and stained
- Changed all locks front and back (8 locks total)
- Rod out all drain lines
- Replaced damaged sink and medicine cabinet in bathroom #3
- Replaced cracked tiles on basement floor and stairs
- Patched and painted exposed wall in bedroom #4 in basement
- Removed damaged drywall in basement next to back door
- New hot water heater
- New furnace
- New AC unit
- Several new windows
- Upgraded electrical
- Upgraded plumbing
- New kitchen appliances
*All investors should allocate a reserve for maintenance and vacancy for any investment property. Vacancy and repairs are variable cost factors that can increase or decrease from year-to-year that will impact yields over time.
*Stated returns and cash flow do not take into account vacancy and repairs that will happen over time.
All properties are free and clear of all encumbrances (such as known claims, court-attachments, adverse claims, disputed ownership, liens, nonpayment of a note secured by the property, pending judgments) and, therefore, has a clear and marketable title. All properties will be closed out with a Warranty Deed at a reputable title company or closing attorney. Property taxes, property fees, and rent will be prorated to the buyer based on the purchase date of the property and the county specific proration procedures to which the property belongs.
Property taxes and other related bills, utilities, and fees associated with the property that are due after the purchase date of the property will be the responsibility of the buyer. Descriptions are purely visual. All information derived from third party sources, including but not limited to property assessments, appraisals, and title reports, if any, is deemed reliable but not guaranteed. All buyers are deemed to have relied entirely on their own information, judgements and inspections of property in making their decision to purchase the property. Pictures of the property contained herein may not be completely current and may not accurately reflect the condition of the property at any future date. Buyer should determine the condition of the property by physical inspection prior to purchase.
Buyer acknowledges and verifies that Buyer has carried out the necessary due diligence to purchase the property. For a complete statement of the terms and conditions of any purchase of the property, please review a copy of our standard Real Estate Purchase Contract.