Property Overview:
Investing in real estate has always held a certain allure, akin to discovering a hidden treasure. Imagine stumbling upon a property priced under $80,000—a rare gem waiting to be transformed. Today, we delve into the details of a Dutch Colonial home located in Garfield Heights, Ohio. Not only did this property boast an affordable purchase price, but it also underwent a remarkable metamorphosis through strategic renovations. Join us as we explore how this investment opportunity unfolded, turning an aging house into a profitable asset.
- Location: Garfield Heights, a charming southeast suburb of Cleveland.
- House Type: 2,028 sq ft vinyl-sided Dutch Colonial, built in 1925.
- Purchase Price: A competitive $80,000.
- Opportunity: An enticing prospect for budget-conscious investors.
- Challenges: Aging primary systems (electrical, plumbing, HVAC), sub-optimal kitchen layout, and dated bathrooms.
Renovation Highlights:
1. Exterior Transformation
The exterior was a priority. We promptly addressed violations, focusing on safety and aesthetics:
- Cracked Concrete: The driveway and sidewalk were repaired, ensuring a safe and inviting entrance.
- Front Porch Restoration: The charming front porch regained its former glory with a new wrap-around railing. Now, it welcomes residents and guests alike.
2. Landscaping Enhancements
Next, we didn’t stop at the house itself. Landscaping changes included:
- Defining Beds: Clearly defined flower beds added structure and visual appeal.
- Mulching: Mulching not only beautified the landscape but also helped retain moisture.
- Trimming Overgrown Shrubs: Pruned shrubs transformed the yard, creating a neat and well-maintained appearance.
3. Kitchen Overhaul
Inside, the transformation began by clearing out all items and gutting the kitchen. Our focus was on modernizing the living spaces:
- Kitchen Overhaul:
- Cabinetry: Say goodbye to dated cabinets! We installed sleek Shaker-style cabinetry, including a full-height pantry for ample storage.
- Countertops: Granite countertops added elegance and durability.
- Backsplash: Subway tile backsplash brought a contemporary touch.
- Appliances: A suite of stainless-steel appliances, including a dishwasher and above-range microwave/exhaust, catered to modern lifestyles.
- Layout Reimagined:
- We reconfigured the layout, optimizing flow and functionality.
- Kitchen Overhaul:
4. Refinishing the Original Hardwood Flooring
As part of the meticulous restoration, we turned our attention to the original hardwood flooring that graced the entire home.
- Three Ample-Sized Bedrooms:
- Each bedroom now boasts gleaming hardwood floors. The warm tones and natural grain patterns create a cozy ambiance.
- Staircase:
- The staircase, once worn and creaky, received a fresh lease on life. Its steps now echo with a solid, reassuring sound.
- Living Room:
- Picture this: sunlight streaming through the windows, illuminating the polished wood. The living room floor invites you to kick off your shoes and relax.
- Formal Dining Room:
- Whether hosting a family dinner or an intimate gathering, the dining room’s hardwood floor sets the stage. It’s both elegant and practical.
- Three Ample-Sized Bedrooms:
5. The Unseen Hero: HVAC System Upgrade
Finally, while the flooring steals the spotlight, there’s an equally crucial transformation that often goes unnoticed—the HVAC system. Here’s what we did:
- Original HVAC System:
- The aging heating, ventilation, and air conditioning (HVAC) system had faithfully served the house for decades. But it was time for an upgrade.
- Eco-Friendly Replacement:
- In the refreshed basement family space, we installed a new, energy-efficient HVAC system. It quietly hums, maintaining the perfect temperature year-round.
- Classic Charm Meets Contemporary Comfort:
- The result? A seamless blend of classic charm and modern convenience. Residents enjoy the coziness of yesteryears without sacrificing comfort.
- Original HVAC System:
The Investment Breakdown
The transformation was more than cosmetic—it was strategic. Here’s how the numbers stack up:
- Purchase Price: $80,000
- Renovation Cost: $47,337
- Total Initial Investment: $127,337
- Estimated After Repair Value (ARV): $170,000
The total investment of $127,337 proved to be a strategic move, considering the new estimated after-repair value of $170,000. This impressive uplift in value positions the property as a lucrative asset, promising a potential return on investment that exceeds expectations.
Conclusion:
For those looking to enter the real estate market without breaking the bank, this success story is a testament to the possibilities that lie within the realm of budget-friendly property investments. As the real estate market continues to evolve, it’s essential to keep an eye out for these hidden gems that have the potential to transform into valuable assets.
Check out more before photos listed on Zillow.com. Dwelling Network can help you find a gem of your own and guide you through your personal investment success story! Find more information here: Services for Real Estate Investors.