Keith -
I agree. I actually buy larger than average homes in nice neighboorhoods. I’m enjoying some great successs with buying the spacious ugly duckling and doing some affordable and strategic “prettying-up”.
We pride ourselves in provding a quality home and have been rewarded with high end rental income and flawless tenants.
I love this business.
Liz
Liz,
Whats the typical sq ft of one of your rentals and the typical total cost of the property then the typical rental income you would receive from one of these units.
Off the top of my head:
I have two right now:
Small One is 1600 Sq Ft - Paid $150 2 years ago now valued at $285K
PITI is $795/mo, rental income after paying prop mgr is $1125/mo. Dont know my expenses right off. Vacancy at 95%.
Larger One is 1825 Sq Ft - paid $180 sept 2004. Just appraised for $250 and I’ve not put a cent into it. This one is a break even on rental so I keep the chasflow of the smaller home as a hedge against costs on both.
Both in nice neighborhoods that are experiencing an enthusiastic revival.
Liz
The property that I just purchased needed an entire new kitchen. It was outstandingly outdated. At first I was going to paint them, but didn’t like the way that it was looking. I threw out the cabinets and replaced them with pre-made cabinets from Lowes… we bought the cabinets for the entire kitchen for around a grand. They come completely finished and read to hang. It saved enormous amounts of time and money.
If i were to take that week to sand and re-paint the old cabinets it would have costed more than a grand in time and money… so it was by far worth it…
I agree with some of the posters who have recommended refacing. It can really look great.
Anyone have any opinions on sub2 home. I am buying a rehab that needs new cabinets. The problem with these is that several of the doors are actually missing and some of the hinges on others are ripped out. Any suggestions.
Keith,
You have the perfect rental for Tommy Chong, dude!! 
What’s that idiotic show where they create TV themes throughout the house? Call Eric Forman and you’ve got your tenant in as is shape…lol. :
Sorry, I couldn’t resist since I was raised in the 70’s burnt orange shag, avocado appliances and the pepto sinks. Thanks for the trip down memory lane.
Regards,
Dave
Sorry, David but the only thing currently left is the green kitchen sink (but it’s promised out (Mark wants it, I think – LOL)…
I bought a 48" oak bathroom vanity for $138 at the cabinet factory. The same thing was $289 at Lowes.
Keith
kdhastedt,
Is the cabinet factory just in your area?
I would guess that there are others around the country…there is one near my parents in Virginia, but I generally use the one that’s 40 miles.
Keith
:shocked For inexpensive cabinets visit this website http://www.skb-kitchens.com whom sell Mill’s Pride cabinets. These cabinets are very inexpensive and will hold for many years in your new kitchen.
I replace them if they reek of mouse pee. There’s not much you can do about that. Other than that, you can do a lot of repair to cabinets and hide the repairs under a good even coat of paint.
Sometimes the hardware cleans up nice, sometimes it needs a can of spray paint, occasionally, it needs to be replaced.
Paint job has to be top quality and inside and out.
If the configuration of the kitchen is changed, that usually means new cabinets; it’s too hard to match old ones.
With some cabinets, you can replace the panels on the doors with glass (tempered safety glass) and a few top cabinets with glass doors really dress up a kitchen.
I’ve been trying to figure out how to repair some cabinet doors that were broken recently. Great idea, and cheap. Thank you.
If you’ll live in the home for a short time, you can select a basic style of cabinets. But if this is going to be your “dream kitchen” or bath, you should look for top-quality construction. Cabinets should have solid frames, door and drawer fronts, reinforced corners and closed backs. Drawers and doors of cabinets will be opened and closed many times a day and should operate smoothly and quietly. The finish on the wood should be smooth.
Cabinets are the heart of a kitchen’s organization and the key contributor to its appearance.