Investing in multifamily real estate can be a lucrative venture. Imagine having a steady stream of rental income flowing into your bank account each month without lifting a finger. It's the dream of many real estate investors and with good reason. However, multi-family assets are often overlooked, as it is believed that you have to build them from zero.
Here's a little secret seasoned investors know: you don't always have to build from scratch to make a profit. Sometimes, taking on a project to renovate an old or worn asset can be even more lucrative.
In this blog, we present a case study of a Philadelphia property recently renovated by Rentwell and how it went from being worn and in decay to becoming a profitable investment for the owner. Keep reading to learn how we did it and how you could be the next investor benefitting from renovations.
Meet Rentwell: Your Partner in Real Estate Success
At Rentwell, we're more than just a property management company. We're long-term investors who develop, lease, manage, and maintain properties with a keen eye for profitability. Our approach is simple yet effective: We deliver the highest-quality apartments to attract tenants who pay their rent on time and take good care of their living space and the community.
With a dedicated team of over ten well-trained individuals, we leave no stone unturned in ensuring the success of our projects. From conducting interior site visits every four months to handling common area maintenance like clockwork, we take pride in our meticulous approach to property management.
Our Most Recent Renovation Success Story: 339 Main St Unit 4, Royersford, PA.
Let's examine one of our recent success stories to illustrate the power of renovation in real estate investment. Our most recent project was at 339 Main St Unit 4 in Royersford, PA, a 723-square-foot apartment with enormous potential.
The initial challenge? A long-term hoarder tenant had moved out, leaving behind a unit needing renovation. Despite the daunting task, we saw an opportunity to transform this space into a desirable living environment while maximizing returns for our investors.
Renovations were conducted seamlessly in a fully occupied building, minimizing disruption to the existing community. And the results? A highly qualified new resident moved in, delighted with their newly renovated apartment and willing to pay a monthly premium of $1,525—more than $600 above the previous rent.
Our team worked tirelessly to ensure a swift turnaround, completing the renovation from start to finish in just 90 days. With a total investment of $77,400, every dollar was strategically allocated to yield the highest returns possible. From durable materials to custom interior schematics by our professional designer, every detail was noticed in maximizing the property's potential.
Here’s a list of how those $77,400 were spent:
Unlock Your Property's Potential with Rentwell
This success story is just one example of what's possible when you partner with Rentwell. Our comprehensive services—renovation and construction management to asset and property management—are designed to deliver exceptional value and service to our clients.
Our mission is clear: to exceed your expectations at every turn. With a focus on personalized attention, proactive communication, and superior results, we're committed to earning your trust and helping you achieve your real estate investment goals.
So, contact us today and discover why Rentwell is the partner you need for success.
