Real Estate Investing: Renovating a Historic Home Part 1

Investing in real estate has been a passion of mine for over two decades. I have developed a keen eye for identifying an under-performing asset and turning it around. I have renovated and restored 19 properties, including several in Skaneateles, NY. My most recent project is a multi-unit historic home that was built in 1860 located in the village of Fayetteville, NY. When I purchased the property, two of the units were vacant. One unit was occupied but the rent was significantly below current market value. I saw this home renovation project as a tremendous opportunity to improve the property and lease the units to produce positive cash flow.

My plan was to renovate one unit at a time, get it rented and move on to the next. First up was Apartment #3...a 700 square foot, 1 bedroom with original wide pine plank floors, 8.5 ft. ceilings and a large front porch. Work that was done included:

Updating the kitchen with new cabinets, appliances, backsplash, butcher block countertop, sink while maintaining the original open shelving. Added a stainless steel work table as an island with vintage stools.
Oak hardwoods on the 1st floor and the original wide-plank pine on the 2nd floor were sanded and finished.
Painted all ceilings, walls and trim.
Removed old carpeting on the stairs. Painted the treads, risers and installed a new runner.
New light fixtures with dimmer switches throughout. Replaced all light switches and plugs.
Installed a vintage marble counter top and sink on the bathroom vanity.
Installed blinds and window treatments.

In total, the restoration project took 6 weeks to complete. It rented quickly and set a rental record for a 1 bedroom apartment in Fayetteville. The lease is for 12 months at $1,400/month.

I'm delighted with the end result! Take a look at the images below to see the newly finished historic apartment. View more of my featured properties and get in touch to see how I can support your real estate renovation and investing endeavors in New York.

Real Estate Investing: Renovating a Historic Home Part 1

Ellen O'Connor

Associate Real Estate Broker

Primary phone
(315) 256-5894
License Number
#301038635
Email
[email protected]
Address
270 Broadway,
Saratoga Springs, NY 12866

About The Author

Ellen O'Connor ABR, CLHMS, GRI, SRES,

Licensed Associate Broker

Uniting Extraordinary People with Exceptional Places

Impeccable service, top-tier area expertise, and a keen eye for potential. These are just some of the many qualities you can expect when working with Ellen O’Connor, realtor and real estate broker. Primarily serving the greater Syracuse area, Ellen has 18+ years of industry experience, and prides herself on matching her clients to their dream homes.

Born and raised in Central New York, Ellen is a lifelong resident of the area and is one of Skaneateles’ leading industry experts. Her real estate career began in 2004 when she decided to combine her love of historic properties and helping others. Through many years of hard work and dedication to her clients, Ellen has become one of the area’s most renowned real estate experts. She has also painstakingly renovated over 19 properties, some dating back to the 19th Century, giving her unique insight on real estate investment in the area. Ellen is a licensed Associate Real Estate Broker, a Member of the National Association of Realtors, and holds numerous industry designations, including Graduate Realtor Institute (GRI), Accredited Buyers Representative (ABR), Certified Luxury Home Marketing Specialist (CLHMS), and Seniors Real Estate Specialist (SRES). In addition to her industry awards and accolades, she holds a Bachelor of Science degree from St. Lawrence University.

Ellen is well-versed in many different facets of a real estate transaction. From her first-hand experience of property restoration to her many years of brokering deals, she has built an exemplary reputation as a top-tier agent. Ellen understands the nuances of lakefront properties and the hidden potential of under-appreciated assets, which give her a distinctive edge over the competition. She guides her clients through every aspect of a real estate transaction, from the first meeting to the closing table. Ellen works with buyers, sellers, and investors throughout the Central New York Region, specializing in lakefront homes, historic houses, investment properties, and vacation homes.

Along with building a successful real estate career, Ellen has made a wonderful life for herself beyond her work. She is the proud mother of two grown sons. She currently lives in Manlius and on Skaneateles Lake with her rescue dog, Beauregard, a Jack Russell/ Australian Cattle Dog mix who definitely runs the show. Her passions include historic property restoration, gardening, cooking, decorating, and design, as well as perusing vintage shops and estate sales for antiques.