OUR NEW PROJECT

YIPPEE!!  I am happy to announce that our next project is underway!  We are under contract for our next Haymount Home and could not be more excited to get the ball rolling on this historic charmer.  This home will be our smallest home, but we are planning to pack it full of charm and make a wonderful happy home!

There is a LOT to do with this home, so I figured I would give you all a little glimpse on my planning process at this stage in the game.  We are conducting our due diligence on this home (meaning we have a week to determine if it is more than we want to handle).  Once that window is complete, we are going forward with the contract.  Currently, we are set to close 2/1/18.  

The rehab work on this little gem is going to be slow and steady because we plan to save up money and pay for everything in cash as we go along.  In our efforts to avoid too much debt, we figured that it'd be better to take this approach with this darling little home.  Though it will take a little longer, it will be fun to have the time to really think through the decisions and try to optimize this home for it's next occupant. 

During this time period of due diligence, I usually do several things to determine what potential work is required for a home.  I figured illustrating my thought process might be helpful to someone in the same situation or looking to get into the rental market.  However, my brain tends to go all over the place, so just strap-in and take the ride! One disclaimer: Pictures are deceptive.  Although adorable, this little home home needs quite a bit of help.  The pictures don't fully illustrate that.  Once we have the home closed, I will be going through to take more detailed photographs for our projects and repairs needed.  For now, you'll have to trust me on these things!

Let's begin.

EXTERIOR

Siding - Pretty good shape. A couple of holes (repairable I hope)

Roof - Time for a new one

Front Porch - some rot - will either repair or replace

Front Porch Trim - damaged - needs replacing

Screen Door - rough.  either will clean up or it will get a new one

Front Door - hoping to preserve this with paint

Windows - yikes. Old and charming with pulley systems still in place. Super cool, but not that efficient and difficult to operate overall.  Poor painting in the past.  We'll see.  Either clean them up well and see what we have left, or replace.

Shutters - probably will paint. If need be, we'll replace.

Mailbox - Missing - needs one!

Porch Light - functional, so that will probably stay

Foundation - so far so good, but there are some soft spots inside the home, so I question some of the joists below.  I am going under the house on Sunday to inspect everything with a contractor friend.

Backyard is awesome - private and cute - needs some clean up (cannot really see from this photo)

Back Door - Jam is rotting out.  Will probably just replace the whole thing.  This house is on a hill and water likely heads that way.  We are going to have to consider some options for controlling that issue.

Rear Door Light - ugly and needs a new one

LIVING ROOM

Check out those hardwoods!  They are lovely however someone did a really bad patch on the side of the room.  I will photograph it later, but I am going to see if magic can happen and they can be repaired...then the entire house is desperately in need of refinishing.  I wonder what stain we should go with??

Replace Shoe Molding - for some reason, it was removed in this room.  Needs to go back!!

Fireplace - no clue if it works.  It is also sunken a bit on the right.  Not sure it is still sinking, but need to find out. Back to under the house.  Either way, it is still charming. 

How about that awesome window trim? Love the thickness and detail. probably will loose the window cornices though.

Walls all need some addressing. Ceilings need some crack repair.  Work.....

KITCHEN

Yikes.  Lots to do here.  This is just one side of it.  There is actually quite a bit of space for such a small home. Normally you find a lot of galley kitchens in homes like these, so I am excited to have a little room for play here. 

Flooring - going to be getting new flooring (unless the budget gets too tight)

Cabinets - replace. We need to add more and these have seen their time.  Time to go.

Sink - double stainless steel. Will likely keep unless I find a great deal on something amazing!

Faucet - old and boring. Could work but I would like a better one. 

Appliances - time to replace. They are actually nice functionally, but they are unattractive and I would like better ones.  Unless something gets crazy on the budget, I plan to replace.

Walls and Ceiling need some work.

This is going to add up in this room, but I cannot wait to see it happen!

DINING ROOM

Floors - again, refinish

Wall and Ceiling repair 

Definitely a new light fixture (something beautiful needs to happen here - it will be gorgeous then!)

Loose the window cornices 

BEDROOM ONE

Refinish Floors

Repair walls/ceilings

Clean up the closet

New Light fixture or Ceiling Fan

BEDROOM TWO

Same thing, clean it all up by doing the floors, cleaning up the closet, fix walls and ceiling, and then get a new light fixture or fan

BATHROOM

This has to be great for a one bathroom house to work well for anyone.  This one is going to be a bit pricey with all the needed work. 

Tub - lovely original porcelain tub. Might need a reglaze, but mostly it looks like it needs its own deep cleaning bath first.  We'll see. It stays for sure.

Tub surround - this is less appealing. If the budge allows for all new tile in the bathroom (walls and tub included), then I will go for it.  We'll have to see what the money looks like.  At a minimum, some things need repair. 

Vanity - functional, not that old. Might be repainted, but ideally, I will replace this.  I love pedestal sinks for beauty, but they do lack storage. We'll see.

Toilet - seems okay, but house is winterized so there is no plumbing to check.  It's not ugly though! Needs to be re-grouted at the base.

Mirror - dull.  We can do better.

Light - rusted. time for a new one. 

Closet - small inside but there - yay storage! Needs repainting.

Floor - OH MY.  Mostly rotted out. Not good - needs complete repair and replacement.  

BACK PORCH

Enclosed back porch. Loving that ceiling actually. Hating the paneling (what's new?)

Lots of potential on this, but needs to be thought through.  I am not sure it is wired and vented for heating and air, so I am meeting with my HVAC man on Sunday to look at options. 

If we can get this space heated and cooled, I want to make it an awesome laundry and mud room. I know it has great potential, but at what cost? That is the question.  The floor is a little angled away from the house to prevent water being an issue (remember the rotting door - that is at the back of this room).  I am wondering if we level the floor with concrete leveler (expensive) if it would elevate the floor more and prevent water issues.  Not sure.  I need to discuss the options with my contractors.  

This would also require re-routing water lines.  I would like the water heater and the washing machine (both currently in the kitchen), to find a new home out here.  That will require a new plumbing.  It will also require my electrician to complete some changes too. 

However, if we can finish off this space and make it "finished square footage", we will add nearly $10,000 or more to the value of the house.  Not bad, but it could cost a bit in the process.  We'll see.

OTHER CONSIDERATIONS

Hallway has need for floor repair and refinishing

Attic access is difficult and small.  I have no clue what shape it is in.  This house also lacks any storage building or garage, so my easiest place to claim the storage would be the attic.  I need to install an attic pull down and stairs in the hallway.  

Attic storage - going to likely have to floor part of the attic for storage and I anticipate there being almost no insulation left up there. I am just hoping it is not a disaster up there as who knows when it was last looked at. 

Access to wiring.  The house looks like it has been somewhat updated for wiring, but getting up to the attic will help further determine that.  It will also help create the ability to adjust the wiring in the future.  Clearly, we need to get into that attic!!

“Everything has beauty, but not everyone sees it.”

— Confucius

SHARE YOUR THOUGHTS!

Thanks for joining my home tour.  What are you thoughts? Have we lost or minds or does this little home have potential to be great? Would you take on a project like this? Does the idea scare you?  I would love to hear your thoughts!

I will keep you posted......

- Casey

Quick evaluation of a potential rental property investment

One common question: What am I looking for when I tour a potential investment home? 

Good question.  There are lots of things to look at when you consider a purchase of a rental home, but let me give you my quick list that I have created for a fast evaluation of a property for purchase.

I tend to focus on the "big guns" first. I look at high dollar items that will quickly add a lot of cost to the transaction.  Here are the things I typically inspect:

ROOF

• How old does it appear? Most roofs last 15-30 years depending on the shingles
• What type of shingles are there? 15 year flat shingles? 20 year? 30 year architectural shingles?  The more expensive the shingle, the longer it usually lasts.
• Do the shingles appear well intact? Any dents? Any ruffles? How is the flashing?
• Roof angles and pitch - the simpler it is, the cheaper it is to redo.

WINDOWS

• Have they been replaced with vinyl?  On historic homes, old windows can be beautiful if in good condition. Equally, they can be a disaster if they are spent.  Drafty, high in cost to maintain, dysfunctional and difficult to use.  They are also fairly expensive to replace.
• How many windows? This can add up quick if there are a lot
• How big are the windows? You guessed it, the bigger they are, the more they cost to replace.

HVAC SYSTEM

• How old is it? Look for a date on the machine.  That date is usually the date it was made, not installed, but it gives you an idea.
• Older homes often have additions. Are they ducted for central heating and air, or are there window and electric heating units?  It costs money to re-duct systems, and often, there are difficulties with tight spaces to do so.
• Does it work? Check the thermostat and see what the response is.

FOUNDATION

• Do a quick round about look.  Do you see crumbling?  Shifting in the brick or blocks? Do you see "step cracks"?  These are cracks that follow the bring stacking line and zig zag up the brick.  These can be signs of serious issues.  Though anything can be repaired, the question becomes what the cost will be?

KITCHEN & BATH(S)

• Surfaces - what countertops are there and what are their condition?
• Appliances - condition, age, functionality, style?
• Shower and Toilet - condition, style, and function (make sure the water is on at the house before testing that)
• These are things that quickly add up to high spending if they are dated.

FLOORS

• Are there hardwoods?  Big bonus if there are. Hardwoods are expensive, but their condition matters too.
• Ceramic tile?  If well done, this material can outlast a lot of other floorings, but can also become dated fast.
• Are they level?  In older homes, you can expect some settling of the floors and this is forgiven.  However, some settling does not equate floors that are all over the map.  Usually, if you see very uneven floors in a home, there is a chance that the foundation is compromised or there has been a water incident in the home and there could be rotted joists beneath the floor. Both are very costly to deal with.

I hope that helps give you some insight in how to quickly sum up a property in terms of financial risk to invest.  Clearly, this is a minor overview, but it is my "go to" list to quickly tally what a house might take to make it a home for someone special.

Seize the day and we'll talk soon!

-Casey