
Originally posted by
michaelskis
You know, that is a very good question, with a very good answer. It was a former Apartment and almost been updated since the 50’s. The condo in it’s as in condition has rusting metal doors, rusting metal cabinets, countertops in the shockingly tiny kitchen are falling part, grossly old carpeting, and the tub and sinks all need to be repaired.
The stove is an older gas stove and to be honest, I don’t trust it. The refrigerator is very old, takes for ever to get cold, leaks, and sucks energy. I am purchasing it in its “as is” condition which all the required elements (other than the appliances) are up to residential building code, so it is a glorified face lift and some renovations.
A model that is finished similar to what mine will be, (other than mine will be a little bit better with hard wood and tile floors and a renovated bathroom) is located directly two floors down and sold for $25,000 more than what I am paying. I know from my product research, doing most of the work my self, worked out an agreement with a licensed contractor... I will be able to renovate mine for around $15,000. This will include the removal of two very small interior walls and a closet, new appliances, new cabinets and counter tops, floors, interior doors, repair of a few walls, new bathroom fixtures, new lighting, and several other items. So in several years when I go to sell it, not only will I get my ROI, I will make a substantial profit.
Additionally, unlike the East Side of Michigan, the Grand Rapids area is booming with new construction and urban redevelopment including several new projects in downtown, so the cost of the condo will only increase from here. Especially after the MSU Med School moves to St. Mary’s Hospital which is located about 2 – 3 blocks from the condo. Most of the individuals who have purchased these units are in the medical field, and with the GF in nursing school, this will allow for her to make some great contacts!
I will post pictures on Monday of the existing condition and I think that you will agree what I need to gut it.