Renovation and Operations

Back to Home. See also Investment Analysis, Cost Model, Operating Model.

Renovation priorities

Life safety, waterproofing, and structural concerns before cosmetic work.
Electrical, plumbing, HVAC, water heaters, and internet capacity before finishes.
Confirm seismic/stair/walkway/balcony/fire-life-safety status even if a portal screen looks clean.
Standardize finishes across units to reduce maintenance and replacement complexity.
Use durable, premium-but-replaceable materials.
Photograph and document all work with invoices, permits, manuals, and warranties.

Likely workstreams

Workstream

Examples

Unit interiors

Flooring, paint, kitchens, baths, lighting, hardware, window treatments

Systems

Electrical, plumbing, HVAC/heating/cooling, water heaters, internet/WiFi

Exterior/common

Landscaping, lighting, access, signage, trash, mail, stairs/walkways

Furnishings

Standard 1BR and 2BR packages, linens, kitchenware, TVs, routers

Operations

Cleaning, inventory, inspections, maintenance response, bookkeeping

Budget note from initial renovation spreadsheet

See Amir's Initial Renovation Budget. The spreadsheet is a useful per-unit cosmetic refresh floor: about $14.5k–$21.8k per unit, or roughly $120k–$175k for 8 units depending on labor assumption.

It excludes many categories needed for a real repositioning budget: permits, licensed trades at LA rates, GC overhead/profit, flooring, tile/waterproofing, exterior work, systems, furnishings, contingency, utilities/carry, insurance during vacancy, working capital, and common areas.

Operations setup

Attorney-drafted furnished monthly lease package.
Screening process and written approval criteria.
Deposit / damage workflow.
Furnished inventory lists with photos.
House rules and quiet-hours policy.
Preventive maintenance schedule.
Vendor roster.
Emergency response procedure.
Bookkeeping by unit.
Move-in/move-out photo protocol.

Constraints to resolve before launch