We closed on House #69 in late January. The owner inherited it from her mom and had been renting it for about 15 years while she lived out of state. She was ready to cash-out and get a lump sum of cash and we struck up a win-win deal for all parties involved.
It is a smaller house, in a great area. We did a pretty basic rehab and listed two weeks ago. We have one offer we are negotiating but this one should move pretty quickly.
The main expenses was re-doing the kitchen… which was a big debate. The kitchen was acceptable for a rental, but we thought if we where going to ask for top dollar for the house we needed to impress the buyers.
The hard thing with retailing properties, it is really difficult to track if it is worth it to do this kind of stuff. You cannot really ask the buyer and get a real answer, it also depends a lot on what the competition’s properties look like and probably a little luck never hurts.