Most of the work is complete on the Bathroom Hole House.  So far I have spent $56,644.35.  I have some outstanding bills, some work on the heater is needed, and fixture replacements are probably required.  I also expect to find some small problems as I inspect the house closer.  I expect to spend another $3000 and I will be in the house under $60,000.  When the house sales I will give exact numbers, including carry costs. 

I have listed it with a realtor for $149,900.  The appraisal (required by the bank) was $162,000 but both the realtor and I feel that was high.  I am offering a $2,000 credit for appliances.

I have posted before and after picture below.
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I met a rental agent at the bathroom hole house. I explained my renovation plan and she suggested a starting price of $114,900. I had based my numbers on $100k, but I had a $117k number based on the square footage of the comps. She suggest I repair the pool if the price is close to what it takes to fill it in. She also suggested that I leave the mother-in-la suite as it is (structurally a separate unit).

I have made a video walkthrough of this house.

I now have a detailed repair estimate.

My Numbers

Purchase price $32,000.00
Repairs (except for pool) $31,565.00
Pool estimate $5,000.00
Closing Costs $2,550.00
Total Spent $71,115.00
Sales Price $100,000.00
Commisions $6,000.00
Net Sale $94,000.00
Profit $22,885.00

 

I have allocated $5,000 for the pool repair. I had a pool company tell me $3,000 – $5,000 to have it filled in. I had another repair person say they could purchase and install a liner for about $2,000 which leaves the pump and possible drain problems. For now I will use the $5,000 number but perhaps I can do better.

I am using $100,000 as the sales price – which was my original estimate. Based on my conversation with the agent, and the comps, I may be able to do better than this.

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