Vacated tenant base, installed new flooring, two-tone paint, new kitchen cabinets, granite countertops, black appliances, backsplashes, new vanities, new fixtures, installed stackable washer-dryers, sand-blasted exterior, built pergolas and private patios, installed a brand new roof and new AC units, and new landscaping.
100% occupancy in 35 days following 75 day renovation, 62% increase in rents from $585/mo to $950/mo, full security deposits achieved.
49% leveraged Return on Investment in less than a year, created over $300,000 in value that the partners can do a tax-free exchange into another cash flowing deal or take profits.
Purchased for $530,000 in February 2015, renovation budget of $139,000. Marketing asset in September, expected value is $1,050,000.