Hey guys, Dave Mitro here, Construction Manager for The DeRosa Group. In a few minutes,
you're going to be seeing a before and after at Preakness Apartments in Lexington, Kentucky. So
what I'm going to do for you here is I'm going to break down the cost. So we have a two-bedroom,
and that is coming in on average around $6,500. And the breakdown is going to be as follows:
we spend about $1000 on new appliances. We do a new refrigerator, new range and
a hood above that. Next, we have flooring. That comes in around around $2,000. And
what we do with the flooring is we replace carpet inside the bedrooms, and then we do
LVT flooring everywhere else throughout. So it looks really nice when, when complete,
and you will see that in a minute or so here. Lastly, we have about $3,500
that we pay our general contractor, and that's to go in and predominantly he's painting the entire
unit. And then, with this scope, we are also painting the kitchen cabinets. So that's very
time-consuming. Some of the cabinets are a dark black color, so they have to go over a few times.
You have to remove the doors on them, paint them, and then re-install them. So,
that is at least around $1000 of that 3,500. And then the rest is made up of little odds and
ends here, patching any holes, a trash shot if the tenant was very messy, new hardware on the
kitchen cabinets, new vanity in the bathroom. And now I will go into detail with this all in
a little bit in the before and after, but this is the pricing breakdown. And for that, we get
around $100 rent bump per month. So, great return on investment here. Thanks, guys.
We are at Preakness apartments here in Lexington. This is a unit where a tenant just moved out. So
we're going to show you a before, and then an after. Right here, we're in the kitchen,
as you can see, it looks like a mess. First off, these appliances, they can't be salvaged. So we're
going to get these out of here and put some new black appliances in. Next, these cabinets,
they're not too bad. They need to be painted. So what we would do is our color scheme is a
nice grayish color that we'll show you in an after unit. Countertops, we're going to
replace them. And then flooring wise, this whole area, the kitchen and the living room,
we're going to put it in nice gray LVP flooring.
Why don't we come over here? Obviously, it needs a fresh paint, that's common in any unit. Bedrooms,
we do carpet. So as you can see, this is in pretty bad shape. So we'll put new carpeting in.
Got a nice size hole over there, that needs to be patched up.
Yeah, nothing too complicated. Why don't we check out the bathroom?
This flooring doesn't look too bad. So, maybe we would, in a situation like this involve
our property manager, get her opinion, see if this could be saved. If not, we'll replace the
flooring. We'll go ahead and paint these cabinets the same color as in the kitchen. This tub. What
we do with the tub is we reglaze them, and we can make it look nice, fresh, and new.
Up there, we have some mold. But yeah, other than that, just a basic turn that
we have budgeted for and we can quickly renovate and get a new tenant in here.
All right, guys, here we are and this is a freshly renovated unit. Video we just showed you was a
unit that a tenant just moved out. So, this is what we're going to do over there. As you can see,
we have LVP flooring when you first enter the unit, as well as the kitchen area. These cabinets,
I'll show you. You see the inside how they're dark, black, and disgusting? All we did was a
coat of paint. Well, maybe more than one coat, but a few coats of paint and now look at this
layout. So we have the white cabinets. We put in brand new black appliances. Right here , we had
a space for a dishwasher so we were able to put that in. New paint, a nice gray tone. New carpet,
ties everything together. Look at this big living room here, a lot of square footage. The lighting.
LED lights. So what does that do? When you pay for utilities, it saves you on expenses.
In here we have a bathroom. Same flooring as the kitchen area. These cabinets, same idea. Inside,
you can see that they're black, all we did was paint them, so you can save there. New countertop.
Now, this still needs to be cleaned, but for the most part, it is done and rent-ready.
Why don't we check out a bedroom here? Yeah,
new carpet in here, a fresh coat of paint, LED lighting. And that's it, guys.