Background: We purchased this home from an owner/landlord who had a very bad experience with their tenant not paying their rent for a prolonged period of time and wrecked the place.
Renovations Done: New roof, rebuild deck, clean up landscaping, bathroom redo, replace all windows and doors, reconfigure the kitchen, refinish & repair hardwood floors, deep clean the interior, paint the entire interior.
Project Financial Highlights:
- The renovation budget was 25% of the purchase price
- Our annual Cash on Cash return after all renovations is 17% (before tax benefits)
- Since project completion, our equity has appreciated 60%