House #3: Rehab Complete

December 22, 2008 · 8 comments

Just a quick post this evening, as it’s been a LONG weekend trying to finish up The Second Chance House…

After three 10-hour days, we completed our final punch list, got our staging furniture delivered and completing the staging. We have inspections scheduled for Monday morning to hopefully get our CO (Certificate of Occupancy), which is final approval from the county that all renovations have been completed to code and to the satisfaction of the inspectors, and the house is ready for new owners.

Overall, this entire project took a good bit longer than expected, mostly due to closing issues (the seller took nearly two weeks to sign the HUD-1 after closing was complete!), permit issues, and some personal issues that my General Contractor had to deal with. But, all-in-all, it was a great project, and I’m thrilled to add this beautiful home to our portfolio.

I’ll have plenty more to say about the financial results once we get this house sold, but the quick take-away is that we were on-budget; and despite a couple minor rehab surprises, we were even able to upgrade some of our materials and finishings. As for the rehab results, here are the final pictures…personally, I’m thrilled with the results.

We plan to put this one on the market right after the new year, and while we haven’t decided whether we will initially price it for a quick sale or whether we’ll attempt to generate a few extra dollars, we hope this one won’t sit for too long.

8 responses to “House #3: Rehab Complete”

  1. kristeen says:

    Lish – This transformation is incredible. What beautiful finishes! They keep getting better and better! Congratulation on an excellent job – again 🙂

  2. Andres says:

    I saw the pics. Amazing results. What asking price do you have in mind for this one?

    Congrats, this house looks amazing!

  3. Bilgefisher says:

    Your results continue to impress. If this trend continues I think you will have buyers on waiting lists for your properties in the near future. This property for instance looks very classy and wows a person the second they walk in. I look forward to seeing more.

  4. J Scott says:

    Wow, thanks for the all the nice comments…they really are a great motivator and make the effort completely worth it!

    Andres – We plan to list this one for somewhere around $125-130K. Based on the market and the location, we think that should allow it to be the nicest comparable home in the neighborhood, and also the lowest priced.

    If we can’t sell a house that is the nicest and the lowest priced, we’ll need to find a new business model… 🙂

  5. bilgefisher says:

    I forgot to ask. How did the back deck turn out?

  6. J Scott says:

    Bilge –

    The deck was complete in an earlier “before & after” picture I posted:

    Because it’s only 28″ off the ground, I decided to save the cost of handrails…and I’ll likely throw some lattice work around the bottom to make it look at bit nicer…

    Also, because the wood is pressure-treated, I need to wait 3-6 months before it can be stained, so I’ll let the new owner do that…

  7. Bilgefisher says:

    Ok, thanks for the link. The stain is what threw me off. Great job again on the house.

  8. Corey Lucier says:

    Wow, amazing remodel! When can I pay your wife to come up to Virginia and remodel *our* house?

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