It's important to remember that not all homes need a complete remodel. Not all neighborhoods and markets support the liquidation numbers a full remodel would warrant. When running your numbers on a project, keep in mind what the other houses in the neighborhood have in terms of updates. For example, if the house are newer, and all of the comps have their original bathroom finishes, it might make more sense for the project to keep the bathrooms vanity, and shower as is. You can make other changes, such as paint and flooring, and by doing this, it will have a fresh and updated look, while keeping within a lower rehab budget. Another easy update is adding hardware to the cabinets in the bathrooms and kitchen. It's easy, cost effective and makes a huge difference.
Our recent project in Riverside was built in 1991, and while some of the comps had completely renovated bathrooms, not all did. The project made sense for us as long as we could keep our rehab costs low. We were able to do so by keeping the existing cabinet boxes in the kitchen, giving them a fresh coat of paint, and updating the counter tops.
Check out these before and after pictures to see what a minimal renovation can do for a properties appearance.