Manchester NH Multi-family - Fix & Hold
Case Study: Manchester, NH Multi-Family - Fix & Hold
Client: Morton Street, LLC
Client Goals:
Maximize the rent value by appealing to today's renters
Minimize landlord maintenance costs
Increase the overall appraisal value of the property for refinance or sale
Exterior Before
Exterior Before
Exterior After
Exterior After
Obstacles/Design Challenges & How They Were Addressed:
Home built in 1948: Original plumbing, electrical, finishes throughout: both units were gutted and brought up to code
Small rooms made it tough to accomodate today's furniture: both units had non-load bearing walls removed between the kitchen and dining area as well as and unneeded closet removed and the doorway widened, raised, and squared off between living and dining areas allowing for more cabinetry and a brighter, larger feeling visual flow.
Bathroom tub size was non-standard to today, needed replacing but was not possible without reframing and expanding the size: in both units we borrowed space from the adjoining bedroom closets to recess the toilet, allowing room for a custom tile shower and vanity which would better serve today’s buyer/renter.
Not enough Storage space in kitchen: once the dining room wall was removed we LOADED the kitchen with cabinetry and functional countertop space.
Ling Room Before
Kitchen Before
Living Room After
Kitchen After
Features We Love:
The client chose a simple stain grade cabinet that was both easy to coordinate design elements with as well as easy to touch up as normal rental wear and tear happen.
Upgraded to beautiful stone countertops that feel high end but will hold up to many years of use.
Custom tiled showers changed the tiny bathrooms from being cramped and outdated to luxurious and easy to clean.
Bathroom Before
Bathroom After
What was the outcome / How did it perform?
The investor fetched rent rate more than 22% higher than its neighbors!
After performing approximately $150,000 in renovations on the property, our client realized an immediate ROI of 37% which they were able to cash out and use toward their next investment!
Client Feedback
We relied heavily on the vision and design capabilities at Builder’s Reserve to help us figure out how to unlock this property’s potential. We knew it was a diamond in the rough when we added it to our portfolio, but collaborating on how and where to place our renovation dollars and picking materials best suited for a rental environment, we really believe helped knock this one out of the park. Thank you B/R!
