On September 17th, 2018, I closed on my latest project home.  This property is located in beautiful Sugar Hill, Georgia and will be a buy-and-hold rental I intend to keep in my own portfolio. It was chosen because market rents were about .8% of the listing price and the comps supported a value higher than the list price. It’s incredibly difficult to find a property with rents that close to 1% of the sales price in Atlanta, so I made an offer. After several rounds of negotiations with the sellers, we went under contract for $148,500 with $2,000 seller concessions. With market rent about $1,400, the sales price was right where it needed to be.  I’m also walking into the deal with equity.

Although this home is beautiful now that the renovation is complete, I certainly didn’t get it that way.  I stretched my knowledge of plumbing, carpentry, flooring, painting, and much more to complete this one. There was a tremendous sacrifice in time, money, and resources to pull it off, but the result made it worth the effort.

Please enjoy my journey through the pictures below!

Home Specifics:

Bedrooms: 4
Bathrooms: 3
Built: 1994
Style: Split Foyer
City: Sugar Hill, GA

Transaction Specifics:

List Price: $174,900
Sales Price: $148,500
Seller Concessions: $2,000
Close Date: 9/17/18

Investment Specifics:

Market Rent: $1,400
Market Value: $182,000
Operating Expenses: Confidential
Cap Rate: Confidential

Rehab Specifics:

    1. Remove all Polybutelene piping in home and replace with CPVC
    2. Remove Polybutelene service line and replace with PEX
    3. Replace 45-gallon water heater
    4. Replace two toilets
    5. Replace six faucets
    6. Rebuild large back deck
    7. Rebuild front porch.
    8. Replace rotted siding with concrete board
    9. Paint front deck and back porch
    10. Paint exterior
    11. Remove suspended ceiling in garage
    12. Patch drywall in garage
    13. Patch drywall for plumbing access
    14. Paint interior patchwork
    15. Replace garage door opener
    16. Remove existing split foyer stairs and replace with pine
    17. Stain and varnish pine stairs

Project Completion Date:  11/25/18

Pre-Contract Pictures:

Due Diligence Pictures:

Closing Pictures:

Rehab Pictures:

Listing Pictures: