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Downtown Chico - 242 Broadway Suite 12, Chico CA 95928

5TH STREET REHAB

OVERVIEW

We purchased a run down 4 bedroom 2 bath unit and remodeled it.

  • New Interior/Exterior Paint
  • New Bathrooms
  • New Floor/Base
  • All New Electrical Finishes/Fans/Lights
  • All New Trim Carpentry
  • New Windows
  • Cleared lot for construction of additional unit

Cost: $230K

Acquisition: March 2019

Budget: $20K

Units:  4/2 House 

Sold: $325K (Sept 2019)

BUDGET

20K

  • Unit Rehab & Remodel

230K

  • Cost of Purchase/Closing
  • Construction Loan for 245K financed the purchase and most of the improvements, no down required.

ROI & OUTCOME

Before
Unit 1  Income $17,400/year

After
Unit 1  Income $23,740/year

Gross Increase $6,360
Cost of Improvements $20,000
31.8% Return

Improved Value $325K

  • Sold after improvements and rent increase for a gross gain of 75K.

PHOTOS

As soon as we got the tenants out, everything was new from top to bottom.

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