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This is a before and after of the FIRST rental property I ever purchased, in Feb 2020. Purchased it as a wholesale deal from @mnowicki for a purchase price of $200,000 and a $15,000 wholesale fee. I used my home equity line of credit to fund the downpayment, and my lines of credit and credit cards to fund the renovations. Renovations took approximately 4.5 months total, and cost approximately $100,000.
MAJOR renovations required on this project, and part way though, it also got broken into. Some of the main costs on this project were: All new electrical and plumbing including stack, splitting the panels and meters/upgrading service, all new appliances and adding laundry in each unit, all new doors and windows, quartz counters, tree removals, new furnace, new water heater, new AC, roof, and fencing to split the yard for the tenants.
Main lessons learned was to trust the nose.. The mildew smell in the basement turned out to be an uninsulated basement with black mold behind all the drywall. Full gut in the basement, instead of a paint/flooring/trim job.
Luckily for me, the property reappraised at $400,000 which allowed me to pull back all my deployed capital and pay off all my debt, leaving no money in the deal. I used that access to capital to go to work on the next one!