Keys and Initial Visit

Today I was fortunate to be able to claim the keys to Arlene, and get my first walk-thru of the property. Its always an interesting time when you first view what another owner has done with a property. And it always flabergasts me the fact that the apartments are so mismatched! For instance, unit 3 and unit 4 are painted differently. One has different earthone rooms. The other has these atrocious crown stickers on it. The carpets are different in each unit, the tiles are different. Ovens, Stoves, Bathroom cabinets, nothing matches!

I am by no means an interior designer, or even someone who cares at all about fashion. But when you own a building it seems sort of silly to have one unit all lacquered tile, and one brown short hair carpet. One to be more industrial short curl carpet. Of course I understand the fact that when a tenant moves out that it is sometimes nessecary to replace carpet, fix laminate, or what-have you. So it seems to me that you would purchase extra carpet so that when you do perform a move out that you put the same carpet or tile in. What’s even worse is cabinets. When you replace cabinets you don’t put a black lacquered cabinet in one units bathroom, and then have your standard two ply cabinet.

Enough complaining.

Unit #1Unit #2Unit #3Unit #4
Older Stove – ElementOccupiedFront Door – PaintedLiving – Carpet Good
Wall PaintingBroken WindowCrown StickersEarthtone Walls
Bathroom – Tiles GreatTiles have chips in Living RoomSmoke Alarm missing Battery
Bathroom – Needs ScrubKitchen – Looks greatBathroom – Dark Blue Paint
Bathroom – PaintingKitchen – PaintBathroom – Vanity icky
Bedroom – PaintedBathroom – Black Lacquer CabinetBed #1 – Good, needs paint
Bedroom – Bad Wall PatchBathroom – Window BlindsBed #2 – Red stains on carpet
Bathroom – Bath Tub PorcelinBed #2 – Mirrored Closet Door Cracked
Bed #1 – Carpet Steam Clean
Bed #1 – Door Holes
Bed #2 – Carpet Steam Clean
Bed #2 – Door Needs paint
Bed #2 – Mirrored Closet Door Sticker

So as you can see the list of to-do things is not all that great. It’s some annoying labor-intensive work, but it shouldn’t take a lot of work to make the apartments rent-ready.

One of the joys of being an owner is getting to listen to tenants trashing the property, the only tenant currently there, actually had quite a few nice things to say about the property, but smeared the one right across the yard from ours. She also pointed out that the weatherstripping on the windows sucks, and there is little to no insulation around the windows. So that’s another thing for me to add to my checklist of items that could price a property.

Interestingly enough there is a laundry room on the property with a coin-op machine. It appears that it is leased through Dadson Washer Service. I suppose that means that I’ll have to call the company up and negotiate a new lease with them. That’ll be an interesting post for the future.

Finally we got around to the 5! Storage units. Unsurprisingly only one of them had a key to it. And that door wouldn’t shut all the way. Which means I’ve got to get the storage units rekeyed. But I’m interested in what lies in Unit 0! If it’s secure enough it might be a great place to store ‘extras’ but I’ve got to get into it first.

Just a Couple of quick notes:
Nearby Sales:
2 buildings down same street, June 12th, $165,00
4 buildings down same street, Oct 5th, $192,000

Nearby Listings:
1 Block Over, $90,000
4 Buildings Up same street, $125,000

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