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Downtown Chico - 242 Broadway Suite 12, Chico CA 95928

DUPLEX REHAB

OVERVIEW

We purchased a duplex as is from a seller, with a problem unit. This was a 2/2 and 3/2 duplex.

At the time of close, the 3 bedroom 2 bath unit was full of junk, dirt and grime. The tenant was behind on rent and has lived there for nearly 20 years without repairs.

Once closed, we emptied the property and demo'ed and got to work.

  • New Interior Paint
  • New Bathrooms
  • New Interior and Front Door
  • New Kitchen Counters and Cabinet Paint
  • New Floor/Base
  • All New Electrical Finishes/Fans/Lights
  • All New Trim Carpentry
  • New Windows
  • New Landscaping and Clean Up

Cost: $215K

Acquisition: December 2014

Budget: $15K

Units:  3/2 & 2/2

BUDGET

15K

  • Unit Rehab & Remodel

215K

  • Cost of Purchase/Closing

ROI & OUTCOME

Before
Unit A  Income $9600/year
Unit B  Income $0/year

After
Unit A  Income $9600/year
Unit B  Income $14,520/year

Gross Increase $14,520/year
Cost of Improvements $15,000
96.80% Return

Improved Value 320K (Sold in 13 Months)
Net Cost Basis 230K
39.13% Return on Sale

PHOTOS

The larger unit needed heavy cosmetic and other repairs.