I am in the middle of a somewhat major remodel on a rental property. It will require a few thousand dollars to get it back in shape. The renter was not too bad, and they lived there for over six years. They had good income, always paid on time, and left with proper notice. Unfortunately, they were big-time slobs.
Although I was not able to show the unit while they were in there, as it was a bit messy, I was able to rent it for June 1st. I rented it at a price $100 more to tenants without a pet, than the previous tenants rent that included a $25 pet fee.
Here is what I am doing to the property to turn it and prepare for future rentals.
These tenants were some of the first tenants that I brought into the building. The other apartments in the building saw several other sets of tenants come and go.
Paint and Clean. After six years, the tenants gave notice and moved out of my place and moved into a rented home. They did not clean anything. They painted a bedroom purple, the bathroom a darker red/purple with sponge prints. They also did the sponge prints in the kitchen. None of this painting was asked permission for, or authorized (or paid) for by me. It slows the turnover process quite a bit as I have to use two coats of paint to cover up the darker colors. The new paint will be semi-gloss, including the ceilings. The cost of this improvement will be ~$500.
There are also some improvements that I am making for future turnovers more streamlined.
Replacing the carpet in the bedrooms. The carpet is old, and ready to be replaced. The cost of this improvement will be ~$850.
A strip of carpet was installed outside the bedrooms in the hallway. All my other units have a laminate floor in this hallway. Changing this carpet to a laminate will make for less caret wear and tear in this high-traffic area. The downside is that the hallways will not match the existing laminate in the dining room, living room or kitchen. So I will tear out the laminate and replace it. The cost of this improvement will be ~$1,200
Replacing the bathroom fan. The old fan was burned out; I discovered this while doing my initial check of the unit. The new fan will have a light. The only light in the bathroom is above the vanity. There is a kitchen cabinet over the toilet, and that blocks light going into the shower. A new lighted bath fan will make the shower brighter. The cost of this improvement will be ~$30.
Put vinyl under the vanity and kitchen sink. This is a simple no-brainer. It’s a cheap and easy way to save the base cabinet and vanity from water leaks. The cost is minimal, the work is simple and fast. The cost of this improvement will be ~$15.
Replace deck liner. The current deck has a Masonite covering on the inside. Where many decks have rails, these decks have a solid wall. It is Masonite and the Masonite is becoming dilapidated. A Hardiboard replacement will last forever. The cost of this improvement will be ~$50.
Replace the Screens. All the screens are torn of have holes. They will be replaced. Luckily, the frames are solid and not bent. The cost of this improvement will be ~$20.
Replace mini-blinds. The cost of this improvement will be ~$75.
Change a vent-less washer/dryer combination unit to a stackable separate washer and dryer. No one likes the vent-less dryers. The cost of this improvement will be ~$1,500. Luckily I have a spare washer and dryer set, so my expenses are less.
Remove the garbage disposer. This is really a problem waiting to happen. Never install a garbage disposer in a rental.
All the above prices include a lot of labor, from me. Well over 100 hours.
What have you been doing that is keeping you busy?