We are at the end of week three for The Flood House rehab, and I’m happy to report that we’re still on-schedule and still ahead of budget…
This week we completed the drywall installation, hung the doors, installed the baseboards, replaced a bunch of windows, painted the interior and made some repairs to the exterior trim. Tomorrow, we finish the HVAC repairs and roof maintenance. On Friday, we’ll install the cabinets. And then early next week we’ll finish the electrical and plumbing, including all fixtures. The rest of next week we’ll do the flooring, install the appliances, and refinish the tubs/shower. Then it’s just cleaning and the finishing touches…
In terms of budget, we’re actually about $1500 under right now. Given that, we’ve decided to install hardwoods throughout all the shared living areas of the house (which is about half the total floor-plan). This will likely take us about $500 over budget, but I’m confident it’s a worthwhile trade-off — I imagine it should both help us sell more quickly and at a higher price.
Here are some pictures of the interior after painting completed (the pics aren’t great, as there’s still a lot of dust in the air):
Everything looks like its going great on this full gut rehab. Keep up the good work!
Looks like Nate is rocking that job!!
I have been approached with wholesale “deals” similar to this house in the same area. I am just not familiar with the area or these flood houses. Have there been any recent sales of rehabbed houses in this area?
I get the impression that if this works for you you might be able to do the whole neighborhood…
Hey Luis,
Yeah, Nathan is kicking butt on this project. It took a lot of upfront work to figure out exactly what was needed to pass inspection on these houses, and we interviewed probably 50 contractors (electricians, plumbers, mold remediators, drywall teams, etc) looking for folks who had experience specifically with this type of project, so we were very prepared when the rehab started.
There are a couple houses in this neighborhood that have been listed by investors recently, and they are getting tremendous attention. Ours is one of the smallest houses in the neighborhood, and we expect to under-price the market a good bit, hoping to attract buyers in the sub-$100K price range.
If we find that we’re not having trouble getting buyers through the property, we’ll probably buy a few more in this neighborhood…