A client referred his childhood friend to us for help managing his mother’s property. She was in her mid-90s and could no longer live independently, so the family decided to hold onto the home rather than sell, at least for the time being.
The single-family home sat on a quiet dead-end street, yet just a short walk to elementary schools, temples, shops, parks, and public transportation. The location was excellent, but the interior hadn’t been touched since 1975. Think: pink and powder blue bathroom tiles, shag carpeting, and of course, lead paint.
Since the most likely tenant would be a family, we had to bring the home into compliance with lead regulations. Once hired, we oversaw a full renovation:
- Removed shag carpets and refinished the hardwood floors
- Made both bathrooms look great by treating/spraying the tiles white, installing new vanities, and lighting
- Installed granite countertops and stainless steel appliances in the kitchen
- Painted the entire interior for a clean, modern look
- Replaced all windows to comply with lead-safe requirements
The total cost came to $52,000, slightly over my original estimate of $ 45,000–$ 50,000 due to hidden issues, such as rotted plumbing behind the shower wall, which required code-compliant upgrades.
The Results:
We leased the home to a lovely family for a premium at the time, $4,500 per month. They stayed for two years, meaning the renovation costs were recouped in just over a year and a half.
The Sale:
When it was time to sell, we made minor repairs and touched up the paint. The staging of the property made a noticeable difference in photos, video, and buyer feedback at the open house. Presentation matters…a lot.
We received an offer after the first open house, but the buyers (young, first-timers) got spooked by the inspection report and backed out. First-time buyers often struggle with the emotional and financial weight of the process, and while their agent may have tried to prepare them, it can sometimes be overwhelming.
We re-listed the home, received another strong offer, and this time it closed without a hitch.
Takeaway:
With smart renovation, hands-on management, and strategic marketing, we transformed a dated property into a desirable home, first as a successful rental, and then a smooth, profitable sale.
