This tired home was with the original family since being built in 1950. It was operated as a rental property for at least 15-years prior to our purchase and had taken quite a beating. The home was unimpressive to start with a little over 1,600 Sf., four bedrooms and two baths. The house went through a real transformation to encompass 2,015 Sf., three bedrooms and three baths.
Knowing the buyer for this neighborhood and their likes/dislikes, we reconfigured the floor plan sacrificing the smallest bedroom to create a huge new master suite. The enclosure of the front porch really killed the curb-appeal on the home. That was opened and a new front porch created by moving the existing exterior wall in eight feet. Additional walls in the house were also opened up to provide a modern floor plan.
This investment was a JV Partnership with the owner who contributed the home to the partnership at a basis of $300,000. Restore 818 paid for all rehab and holding costs with the net profits upon sale being split 50/50.
See the summary on slide #1 below for the investment returns on this property. The before-after gallery continues on several pages so be sure to use the arrow at the bottom of the gallery images to navigate to additional photos.