Here is rental property number 7 after the rehab is complete. We did minimal repairs on this one including paint, carpet, sprinkler system repairs, outside trim repairs and other minor cosmetic items. The rehab bill from our contractor was less than $5,000, but I have not paid for the new carpet yet. The carpet materials and labor should be about $3,000 to $4,000 more.
This rental will be much less expensive to fix up that the last few I have purchased. I bought it for $113,000 with $2,000 in closing costs paid by the seller, which was a steal. I am estimating the value now to be at least $165,000, which is more than I initially estimated. Our market has really taken off and there are not many homes under $200,000 for sale. I hope to get $1,400 a month in rent, since it has 5 bedrooms, 2 bathrooms, a 2 car garage and a walkout basement.
Hopefully I will have a new post up this week saying I rented rental property number 7!