Background: This home suffered from decades of deferred maintenance and a functionally obsolescent floorplan when we purchased it.
Renovations Done: New siding, new porch, new HVAC and ductwork, new septic system, extensive landscaping, two-bathroom redos, replace all windows and doors, new kitchen, install & finish hardwood floors, drywall most of the house, new electrical service & wiring, new plumbing work, deep clean the interior, paint the entire interior.
Project Financial Highlights:
- The renovation & repairs costs were approx. 110% of the purchase price
- Our annual Cash on Cash return after all renovations was 12% (before tax benefits) per year before we exchanged in a 1031 after holding it for 6 years.
- Since project completion, our equity appreciated 35%