I bought a four-plex rental in Indianapolis in 2000. It had been vacant, utilities were turned off, and it was kind of a mess. The basement apartment had water in it everywhere, and a huge family of rats had taken up residence.
So, I bought it anyway and started the rehab, with the help of a trusted contractor. Immediately after closing, I bought four rat traps. After loading them with peanut butter, I put them in the basement apartment. Every day, for about two weeks, I’d unload the dead rats, and reload with peanut butter. Got rid of ’em!
Through the years, I’ve made small and large improvements as I’ve had the money to do so. I’ve updated flooring to vinyl plank laminates throughout, installed new cabinetry and baths. And as a result, I’ve been able to up the rents quite a bit, and am getting a good, responsible tenant mix. And the ROI (return on investment) on that house is 20%+ year after year. Woohoo!
This year, I had a new roof installed, had the aluminum siding painted, and got new windows. Here’s the result … totally worth the money and hard work!