The Power House is rehabbed — which was basically replacing the hot water heater, putting in a stove, carpet cleaning, house cleaning, getting pest control, interior paint and some minor exterior repairs — and we’re now looking for a renter.
Here are some pictures we used in the rental listing:
THE POWER HOUSE: PRE-RENTAL PICTURES
Once we get it rented, I’ll detail all the costs/expenses, predicted income and all the rental analysis numbers.
What kind of pest control service did u get? Did u sign up for quarterly service? How much does it cost in ur area?
I have got one property with rodent issues, based on the mouse droppings on both floors. Local companies want anywhere from 140-180 for initial treatment plus quarterly service of 45-85 each time.
Hi Sophia,
It’s quarterly service, and the total annual bill is about $300. This is to control bugs, ants, roaches, etc.
The pictures look great! How are you determining your rent and return #’s?
Craig –
Rent numbers were easy to determine on this one — there are several properties in this subdivision that have been listed on the MLS for rent between $850-950 recently (most of them are 2 bedroom houses, not three bedrooms like ours), and have rented relatively quickly. The ROI is based on the assumption that expenses, vacancy and capital costs will amount to about 50% of gross rent, which is pretty typical long-term.
Could you send me your contact information? I would love to talk being a soon to be graduate who would love to get into historical preservation and rehab.
Hey Mike,
You can start by emailing to feedback @ 123flip.com (remove the spaces). That will come to my main email…