2827 Patee St
This 2/1 single family house is in a desirable location on the 28th block of Patee, and would make an excellent addition to one’s rental portfolio! The layout of the house includes a living room, dining room, kitchen, and laundry room. Access to the basement is from an enclosed back porch, and the basement has a dirt floor.
The inside needs a bathroom and kitchen remodel, along with new flooring, fixtures, and recommended new paint. The house needs a new roof and likely plywood replacement, along with an exterior paint job. The heavy discount for this house is based on foundation work that will likely need to be performed at some point. There are multiple cracks within the basement foundation walls on both the east and west sides of the house. The cause of this appears to be a poor drainage setup on the west side of the house, which could be solved during remodel.
The furnace and AC are said to have been replaced 6-8 years ago, and the water heater is said to have been replaced 2 years ago. The house has off street parking in front, and the flat back yard would allow for an easy addition of a gravel off-alley parking space.
Renovation is estimated around $35-40k, plus any foundation repair.
ARV: $117,000
Asking Price: $36,000
Estimated Rehab: $35-50k depending on the extent of the remodel and foundation repair
Estimated Rent: $850/mo
*Rehab descriptions are provided as a courtesy. We strive to help investors have a better understanding of possible needs and numbers. Information provided here is NOT an exhaustive scope of work nor is it a bid for contractor and labor. Please do your own due diligence as numbers/ARV are not guaranteed; they are based on our current knowledge of the property/market, experience, and a quick walk through.