READY, SET, REHAB! Uptown Minneapolis, Remodel
There are many homes being restored in the Twin Cities are right now. They vary in size, amenities and price range. Opportunities for diligent rehabbers are plentiful.
Hopefully, most investors are like the one my friend Mary Jo Quay is working with.
READY, SET, REHAB! Uptown Minneapolis Remodel
After a long, bitter winter of trudging through frigid vacant Minneapolis foreclosures, we found the jewel that investor’s dream about. It’s a stately 1906 duplex with almost 2400 square feet, in Uptown. The basement is a horror, original boiler and oil tank in a dank block foundation with leaky plumbing lines. But, it was at the right price, and is in a prime rental area just east of Lyndale and a short jog to Lake Calhoun.
The main floor unit has original wainscoting, built in buffet, fireplace with green ceramic surround and mantel, hardwood floors, pocket doors, and original millwork. There will be two bedrooms, and a sparkling new kitchen and bath.
The 2nd floor was reconfigured from the original, and has a 3rd level that is a separate living suite. There are really three bedrooms, two spacious living rooms, and two baths.
My buyer is a green rehabber. He conserves the best of the original architecure, and upgrades with green and recycled materials. There is freeze damage to plumbing, most of it needs replacing. The heating system and electric are being updated. The real excitement begins in restoring some of the original detail. There is laminate sheathing over lath and plaster walls in the main living room, it will be ripped out and walls repaired. Drop false ceilings are pulled out to reveal high and airy rooms. Natural wood floors on floors are being sanded and polyurethaned. Original leaded glass windows are preserved, but storms and screens will be changed out.
Smart investing is an art. This investor is a smart investor. He knows that there is a short window of opportunity, and prices are already on the rise. There are several critical factors to making the right investment. Timing is one. It’s always smart to be one of the few hardy souls weathering frozen basements without heat or electricity to get the best terms. Two, know your inventory and neighborhoods. If you don’t know a neighborhood, don’t take anyone’s word for it. Do your research and walk it during different times of the day. In a city like Minneapolis, two to four blocks can make a huge difference in values and accessibility. Three, is do your numbers. Work up a spreadsheet for all your costs that include purchase price, materials, labor, closing costs, carrying costs, so you have control of your budget. Make friends with a couple contractors that you trust to give you advice on what you can do yourself, and what is better left to professionals.
It is exciting to see a home restored to it’s former integrity with green improvements that reveal the charm and character that's been so long supressed by lack of care and maintenance. It’s also exciting that I can share the process with you. In the next blog I’ll share some of the plans to begin rehabbing, and a timeline. At the end, we’ll have an open house, and you’ll be invited. Stay tuned. Ready, set , rehab!
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