Peachtree
The client had purchased this property for rental income. The remodel goals were to add another bedroom and bifurcate the existing large bathroom into 2 smaller ones. Even before the remodel was finished the space was rented. There have been no vacancies.
Return Before Renovations: 5.4%
Return After Renovations: 8.9%
Increase Rent per Dollar Spent on Renovation: $1.38
Months To Recoup Renovation Costs: 10 Months
Total Budget: $15,000
Timeline: 4 weeks
Project Parameters: 1800 sqft, new bathroom, new bedroom
The Story
The client had purchased this property for rental income. The remodel goals were to add another bedroom and bifurcate the existing large bathroom into 2 smaller ones. Even before the remodel was finished the space was rented. There have been no vacancies.
Inspiration
The client had purchased this duplex in midtown Atlanta as an investment property. Immediately after closing they approached Siren Spaces for help with a remodel aimed towards increasing rents and changing clientele base from college students to professionals.
Journey
The two areas of home improvement that were identified as the focus were adding an extra bedroom and bathroom (taking it from a 2 bedroom 1 bath to 3 bedroom 2 bath). The extra bedroom was pretty straightforward, however, the real challenge was adding the second bathroom. Sounds inconceivable, but the most expensive improvement for this entire remodel was the toilet of the 2nd bathroom! Only by using a cutting edge in-wall toilet, with the tank concealed within the wall, was the 2nd bathroom possible.
Insights
The seemingly impossible is made possible when we allow ourselves to truly think outside of the box. Thinking about challenges as puzzles to solve expands our design vocabulary. Also, the barn doors hung throughout the space were mostly upcycled from remodel waste!