We sold the house at 929 E. 54th a few weeks ago, finishing a successful Austin real estate rehab. Final results were about a 10% annualized ROI after our split with Austin Rebuild Team. Not bad, but a little lower than we hoped for given the amount of risk involved. On the other hand this is a lot better than current alternatives like the stock market, the bank or cash.
The photos below show what the house looked like when we bought it. The arches on the front were made of 1/4″ plywood, and the carport on the right had been enclosed to make a low ceilinged room / workshop. Inside it was a 3/1 with a very unusable layout.
We worked with Scott Cason of the Austin Rebuild Team who came up with a new floor plan including a 400 ft2 master suite addition. Once we tore off the fake facade and converted the carport back to the original configuration it regained it’s classic charm.
Scott completed the interior following a mid-centrury modern theme that won rave reviews.
Our biggest challenge in marketing the home was the number of unimproved properties in the neighborhood. Although some potential buyers were looking for a more established location, others saw opportunity for property values to appreciate to match the surrounding areas.
While the new owners are happily making the home their own we are looking for our next project. If you’d like more information about this type of investment you can check out the resources on our web site or contact us for more information. We’ll be happy to answer any questions.