DOWNSTAIRS KITCHEN BEFORE
UPSTAIRS KITCHEN BEFORE
DOWNSTAIRS KITCHEN AFTER
The house required extensive updates in order to bring it up to retail condition, which is what renters in this market demand. Remember, this had to happen on each level of the property, so Seymour had to renovate three kitchens with stainless appliances and other modern updates. Here you can see two of three updated kitchens, including the one on the top floor with the sloping roof (right).
Renovation Rock Star: Multifamily Edition
UPSTAIRS KITCHEN AFTER
is just not that different, so people who are looking to move here also look to buy. That means that you can fix-and-flip to a retail buyer, but you probably won’t have a lot of success with flipping-to-rent, because the rent payment won’t generate an acceptable rate of return (ROI),” he explained. However, the numbers change dramatically for small multifamily units, where an investor can bring in two or three families, all of which will pay mar- ket rents to live in the same building. Seymour used that strategy on this three-family property, also called a three-decker, because it has three full rental units inside so that the property supports one full household on each floor.
ave Seymour, a partner at Boston’s Garmour Group, spent four seasons on A&E’s Flipping Boston, so you’d expect him to turn out incredible renovations in his sleep. However, this three-family prop- erty was a challenge, even for him. “The property was in pretty rough shape to begin with, so I planned on a $200,000 rehab,” Seymour said. The Garmour Group, which renovates sin- gle-family residences in the Boston area and multifamily developments in Maine, is always on the lookout for multifamily opportunities in the expensive metro and commuter regions around Boston. “With single-family units in Boston, the monthly cost of renting vs. owning
Three-family properties like this one do not have elevators, so investors must be very certain that the stairs are navigable and reasonably attractive. Seymour opted to carpet two flights and leave one bare hardwoods.
14 | think realty magazine :: march 2018
thinkrealty . com | 15
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