11/16/2023
Our very first rental 🏠
Located in Rocky Hill, we purchased the property off-market for $115,000 in August of 2019 (commonly referred to as the “good ole days” in regards to home prices😜)!
It needed a SIGNIFICANT amount of work BUT the unique thing about this basement rancher was that the previous owner had installed a second electric meter for the basement and had already been approved for a duplex designation!
We removed the interior stairs between levels, added a laundry room and kitchen to each level, extended the driveway, and created an authentic bi-level duplex!
We invested an additional $90,000 in repairs and updates (total all-in was about $210,000).
Once completed, the property appraised for $295,000 and we were able to leave virtually no money in the deal. 😃