37 Mansfield St– Fire Damaged Multi Rehab Update

We’ve made some slight changes over at the fire damage three family…. mainly we decided that it was no longer going to be a three family, we are converting it to a two family. The main reason behind this is because the city wanted us to do too many life/safety upgrades to the property that would have killed our budget. They were requiring us to either put a sprinkler system in, or install a fire alarm system complete with pull boxes, strobe lights, illuminated exit signs, beacons, and a fire panel that wirelessly called directly into the fire department. These are things you would generally find in a large office building or a 50-100 unit apartment complex…. not a dinky little three family located on a side road in Forest Park.

 The changes are actually going to work out pretty good. We had planned on holding this property as a rental, but now since it is only two units we are going to retail it. The value of the property actually doesn’t change that much, a two family is worth about the same as a three family, mainly due to the ease in which an owner occupant can buy a two family. A three family is much more difficult for an owner occupant to finance and an investor purchasing usually needs 20%-30% down thus limiting the pool of buyers and bringing the price of a three unit down.

It is now a very large two family with the second unit taking up two floors, kind of like a townhouse unit. The second floor unit will now be 6 bedrooms and 2 full baths…. it’s gonna be huge!

We’ve finished up the majority of the work on the outside. The inside is being sheetrocked. Heres a look;

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All the siding is complete along with the roof and the windows. The front porch was rebuilt and the side porch was taken down. Heres what it looked like before;

 

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  So the outside is looking real sharp. Now it’s just a matter of finishing up the sheetrock, painting, and completing all the finish work inside. Before you know it we’ll have this one on the market and under agreement!!!

Bessemer Pictures, Finished and Staged

Here’s the finished pictures of Bessemer St; cleaned, staged and ready for a new buyer!! 

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Dang, thats alot of pictures….. didn’t realize I took so many!!! 

The house came out great and I definetly think it will sell fast. I’m off to the open house.

Video Update at the Fire Damaged Multi Family

Heres a video update from the fire damaged multi family that we are working on.  The outside is almost complete, inside all the rough is in so we are just waiting on inspections. Once inspections are complete we will begin insulating and than sheetrock. 

We’ve got a couple more rehabs under contract that we will be closing on in the coming weeks so be ready for some more great updates!!

39 Brooks St, Springfield MA

We have the home on Brooks St on the market. We repaired some water damage spots, put gutters on the house, did some landscaping and a few other odds and ends. Once the work was done we cleaned it and staged it. This home was rehabbed by the previous owner so it is a nice change from the full gut rehabs we have been doing lately.  Here are some photos:

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The new furnace is a high effeciency direct vent unit that runs at 95%.

Heres what the property looked look before we bought it.

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Brooks Kitchen

Brooks Living Room

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Not as drastic a change as Bessemer or Hartford Terrace , but the improvements will help it show alot better.