A True Birmingham Beauty! - Birmingham, AL 35211

So far this is one of the prettiest houses I've been able to snatch up. This home was listed originally at 65,000 as a 2 bed 2 bath house that was over 1,400sqft with hardwood floors throughout! I ended up offering 49,000 contingent on inspection and after the inspection I closed a few days after at 49,000 which was an absolute steal for a house like this.

Mostly Interior Rehab:

• Entire home repainted, including all walls, ceilings, and trim work

• New carpet laid in all living areas and bedrooms + new flooring installed in kitchen and bathroom + new subfloor and disposal of old subfloor

• Cabinets repainted

• Trash removal from interior and exterior (significant)

• Drywall work on multiple ceiling areas and walls (significant)

• All dry rot remediated

• 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

• Removal and disposal of dishwasher

• Exterior soffit and fascia damage redone

• Rear door replaced + framing painted

• Electrical work done throughout home

Total Bid: 43,000

Rehab Begins (9/26/2023):

After Rehab Listing Pictures:

The rehab on this one was great to see! A total night and day difference from the house I walked through back in august 2023.

Numbers:

Initial Cost:

Purchase price: 49,000

Rehab cost: 43,000

Closing costs: 2,138

Total: 94,138

Monthly Income:

Monthly rent: 1,200 (100% of rent covered by rapid housing voucher)

Property management: -120 (10%)

Property insurance: 141

Property taxes: -57

Total: 882

**Does NOT include debt payments**

Summary:

Initial cost: 94,138

Net annual rent: 10,584

Annualized cash on cash return: 11%

**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.