A Small 3 Bedroom Full Interior Redone - Birmingham, AL 35211

This smaller 3 bedroom house I saw pop up for sale at 60,000 in the Birmingham AL area. I went ahead and offered 50,000 contingent on inspection. Seller countered back at 55,000.

Interior Pictures During Rehab:

Interior Rehab:

• Entire home repainted, including all walls, ceilings, and trim work - 2. New carpet laid in all living areas and bedrooms + new flooring installed in kitchen and bathroom + new subfloor and disposal of old subfloor + new walls constructed to support rotted walls

• New tub installed in bathroom

• Trash removal from interior and exterior

• Drywall work on multiple ceiling areas and walls

• Current roof removed and disposed of, new asphalt paper, decking, and shingles installed for 25 year roof

• Update all electrical outlets to fit electrical standards of section 8 inspection, addition of 2prong + 3prong outlets where necessary, and removal/disposal of outlets that are ungrounded as well as GFI outlets installed in all areas needed

• Installation of smoke detectors and carbon monoxide detectors necessary throughout home to pass section 8 inspection

• Installation of new light fixtures in home, and removal/disposal or current fixtures as well as all ceiling fans currently present

• New locks to be installed in all doors

• Home to be thoroughly updated to meet all guidelines necessary to pass section 8 inspection

• New interior doors installed where needed

• Front porch patio painted as well as the side steps

Total Bid: 45,000

After Rehab Pictures Listing Pictures:

The Numbers For This One:

Initial Cost:

Purchase price: 55,00

Rehab cost: 45,000

Closing costs: 1,500

Additional Rehab, HVAC Stolen!: 6,442

Total: 107,942

Monthly Income:

Monthly rent: 999

Property management: -99 (10%)

Property insurance: 117 (1,403 annually)

Property taxes: 42 (503 annually)

Total: 741

**Does NOT include debt payments**

Summary:

Initial cost: 107,942

Net annual rent: 8,892

Annualized cash on cash return: 8%

*Note: These numbers also don't account for the year this unit sat vacant for and a few other costs*

**Note: the numbers detailed here are missing a few costs such as utilities cost during rehab, property management new tenant leasing fee and appliances for the unit.