Renovating A $90K Abandoned School Into Apartments | Unlocked
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- เผยแพร่เมื่อ 1 ธ.ค. 2023
- Adam Colucci, Jesse Wig and Dan Spanovich bought a second abandoned school in Homestead, Pennsylvania for $90,000 and turned it into a 33-unit apartment building. The renovation cost about $4.5 million and took 18 months to complete. The trio's first abandoned school-turned-apartment building, Bowtie High, is located right across the street.
Unlocked is a home tour series focused on how much people across the globe spend on their housing, what they get for the money and what they had to sacrifice to make it happen.
Produced by: Valentina Duarte
Managing Producer: Beatriz Bajuelos
Supervising Producer: Jessica Leibowitz
Camera: Malhari Media
Editor: Marisa Forziati
Animator: Elham Ataeiazar
Additional Footage: Adam Colucci, Daniel Spanovich, Jesse Wig
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Renovating A $90K Abandoned School Into Apartments | Unlocked
![[UNCUT] ฝันรักห้วงนิทรา | EP.8 (4/4)](http://i.ytimg.com/vi/RDYJYiDwsj0/mqdefault.jpg)
the best part of these projects, is that they are buying abandoned buildings that would have no other use. These people are not buying lots of new homes, they are building spaces and restoring historical buildings. Truly great work
Love how Adam went from an airball in the Bowtie High ep. to hitting the cushion on the 8 ball in this Schwab ep. Consistency👌
Yeh m2
Saw the previous episode on their first build. Huge hurdle to overcome and they did it! Looks great. Thanks for sharing
What a great job! I am 84 years old and all my adult life I have walked through areas that needed restoration, I wanted to do this so bad it was so important to me, so I became an apartment manager, and they gave me a property that could not be raised up, but I did itI think you boys are wonderful.
@0:28, I like that the exterior was cleaned up just enough. Doing all that work in only 18 months is impressive. I love the stairs.
I need two rich friends. I want to get into something like this!
You're not the only one!😃
@@msmodernyvette you rich?
@@Rashaadthegr8 🤣🤣🤣
Both of these schools are an amazing new use of space. What a way to add value back to the community. Great job guys.
You guys do great work. Thanks for saving and improving these buildings. Happy to hear they work out for your business model as well.
Cool way to increase housing density while respecting some classic architecture--way to go!
I love these old school renos!
Landlords that I can approve. Turning unused space into something that works. Not like landlords that just buy and charge high rent.
In a few years, people will forget that the building was unused and will view them the same way they view all other landlords.
“Buy and charge high rent” lol good luck with that. Almost all rent will go to pay mortgage and maintenance. Otherwise everyone could just replace their day job with rentals.
@@timursalikov5911 True. With such high rates, repairs, maintance, tax and everything you have to come out of pocket being a landlord. Normal people don't understand that.
$1500 for a one bedroom.
Didn't they already interviewed these guys several months ago? I swear they already did this episode
right!!
Like they said, this is their second project. The original interview you're talking about was for their first project.
@@r44bb98 ok I thought I saw them before
Exactly. I thought the same thing.
They did!
90 k for a builidng is a steal. Turned out really cool.
Beautiful renovations. I love how they keep some of the original pieces as part of the renovations.
Renovation, New life.. old stories bought to these buildings A thought a dream coming to reality so heartwarming to see
Awesome! ❤ I love the motivation of theses guys because I love historical buildings, they are doing a great and not easy job, congrats!!! I'm looking forward to see their next projects!
Giving back to your community👍🏽👍🏽
Nice work guys. The ‘style’ is preserved, and that was needed for historic value alone. Cheers to yall
A great renovated apartment building tour !
I wish someone would do this with the old schools (built in 1904) in my hometown. It has asbestos inside though 😬
Asbestos can be mitigated or removed. Just another step and expense in the process.
You can do it with partners
@@keithwisdom1663: who can raise the finance and put together the right team for what might be a complex renovation.
my favorite lead and asbestos abatement solution is to cover it up with drywall@@davidcattin7006
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Beautiful i luv these renovations keep the classic look
Another one! Pracitcal & meaningful projects.
I would love to do this in other cities.
The difficulty is making sure the town can support that many apartments. Could be a huge for the city.
What an awesome way of keeping these structures going. Beautiful job on both of these cool schools. Can't wait to see what else you do. God Bless you all and good luck!!
inspiring, creative, constructive, lucrative 💯
Love it!!
Amazing job on both schools - so happy to see beautiful heritage buildings get another round of life! 🏢Well done! 🙌
Absolutely pure genius
Really amazing work!
Love it! I wonder what happened to those huge sinks?
Excellent!!!
Awesome work!
This is super impressive! Keep up the good work!
now this is cool. very smart and got it done well.
Gorgeous 🇨🇦
True sustainability in action!❤
Luv it 👏🏿👏🏿👏🏿
Amazing
how awesome would it be to have bestfriends and family all pitch in to buy a school and live together
I saw one where a dad and his two sons renovated a baseball stadium to turn into apartments. The baseball stadium build wasn’t as modern or sharply designed as these two schools were. I would live in these schools.
These men will make a fortune. There are so many abandoned buildings in the US suitable for conversion
Wow they pulled it off. so cool
It's great what they do turning unused spaces into much-needed homes for people.
I was a little embarrassed for them when I looked at some of the quality control issues of their finished product. You can see these decisions are based on scared money. Sure people will move in and not care, possibly but I imagine the trio of renovators took so many shortcuts. They're probably leverage to the hilt at this point. I feel sorry for people later on down the road.
Very expensive build but beautiful results! Congrats!
I would watch your show on renovating old buildings
somebody needs to buy these guys a whole 2 city blocks in detroit.
Although those apartments are roughly 750 - 800 square feet, I feel like you could have added a loft in these apartments, considering they have 12ft ceilings.
Please come to San Diego!
I love it guys, I would love to do something like this, not sure how possible it would be in southern Ontario though.
Incredible #RealEstate
Honestly, makes me wanna actually move over there I like the rustic nyc vibe. If a ton of new devs go there could be great.
Don't put a bed in the corner with the side against a wall ... and if that's all I can say is wrong ... my god the guys have done a spectacular job!!! And it is always excellent to see old buildings given new life, especially when so much heritage is preserved and renewed.
I saw Ikea vanities. Those won't hold up in a rental. Cheap.
how do they go from zero to hero?
And you know, for the quality of the apartments, $1,400-$1,500 ain't a bad deal! The problem a lot of places see is out of town 'investors' buying up cheap, run down apartments, doing bare bones maintenance (or none at all) and turning around and jacking up the price by 40-60%+ for crappy, unsafe, unkept apartments that should have been torn down. But these are gorgeous, spacy, and well worth the price.
Time 0.54 , says total of 33 units of apartments. At 4.5 mil / 33 , cost of renovation comes up to $136,363 per apartment. (From my estimation) Factoring say 7% interest rate for financing cost for 2 years permit+construction , 1 year to sell the units (assumption of selling to calculate ROI), this will make the renovation cost of $167,051 average per unit. Is this number high or low in this state ?
Judging by the rent price of say $1800 and or estimate, it'll take about 10 yrs to recoup the cost of each apartment with maintenance.
But it won’t be 1800$ forever
2:51 are those vintage urinals?
If you had to demolish and rebuild it would be counter productive- it would COST A LOT MORE so you couldn’t rent it out
I would love to see my old elementary school renovated into housing! It's location "is in the middle of nowhere". The roof is open to the sky in a few places. The school was my mother's entire school. But, there is a structural collapse occurring in the "new" section, so it may end up being demolished? 😢😢
I didn't see a bathtub or shower in the bathroom
There was a shower, you can see the shower curtain in the mirror.
Do you have architects on this project ? How are they ?
Zillow, " rents" for much bigger nicer apts in and around homestead pa. I hope they get their money back.
Just my style but the deal breaker is that I want a private terrace.
Those rent prices are amazing. I wish. I’m paying their two bedroom prices for a one bedroom here in Orlando. SMH. I’m sure there are cheaper places here in Orlando so don’t get discouraged if ur thinking of relocating.
Well it all goes by demographics. Here in upstate Ny i'm at a measly 1750 soon to be $1950 courstesy of our democratic voters. It's a wonderful life.
HISTORICAL BUILDINGS - IS AMERICA 🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸
Those would rent for 3k in San Diego 😢
Hiiii I am first and thank you for your uploads!!
This is what happens when you hold onto the vision in the end result
Are these apartments affordable?? It seems awfully expensive for a 1 bedroom... You can get a 3 bedroom in Osaka for about the same price, so while it looks very very nice, it doesn't seem very affordable for the average worker.....
IS this a reupload? Think I have seen this before?
They did another school where they mentioned this property but it wasn’t ready yet to show because renovations were still undergoing during that time so they just talked about it.
I’m moving to Pennsylvania
Im wondering if they actually have tenants . The 2 bedrooms rent is higher than my mortgage and i have a 5 bedrooms 2 bathrooms 2 car garage. That rent is too high.
I guess these guy are the “OLD SCHOOL DEVELOPER CO. //?”
All haunted rooms.😂
This one’s different from bowie they were still working on that 10 months ago
That apartment is on same level as the terrace? So people can just walk up to your windows? I know that’s how 1st floor apartments are but still.
The renovation cost about $4.5 million and took 18 months to complete. So they actually lost money and time?
Not in the long-term.
No storage in bedrooms
Because of the housing crisis things like this start to make sense economically. No hate, but don't confuse these guys with better landlords. They will make money like everybody else.
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They made that rooftop deck too small imo and you can tell men designed the project. Feels very masculine.
Just what the world needs, more landlords...
How is that entire building worth so little?
How did you get away from having to satisfy the ADA requirements? Your beautiful staircase doesn't comply. Hey, but you know that, eh?)
So you buy it for $100k, take out $3.2 million dollar loan for renovations, and then put $1.2 million of your own money towards it? It's a 31 unit apartment and you charge $2000 for example. That's $62000 but after taxes and fees, you're probably taking home less. Aren't they losing money on this? I need someone to break down the math on this.
Not a developer/investor, but my guess is their 1.2 million goes into equity so not really a loss -- they could always sell the building and get that money back. But in terms of cashflow, a 15 year mortgage of 3.2 million in 2020 would've yielded, what... a $22k-25k/monthly payment? $62k/month in rent seems like clearly positive cashflow.
Not in the long run, but it's a loss at first, for sure.
Also I think they got their mortgages in the early pandemic days, which granted very low rates this makes this profitable
No wonder we have a horrible homeless crisis. $2000?!?! Disabled and people on fixed incomes can't afford that!!! Section 8 and Public Housing doesn't cut it!! We literally need to reset the market. Two years ago my rent was $298/mo, now its $900/mo, I'm left with $30 of my SSI each month after rent. i get food stamps and thats $100/mo. i'm borderline about to c*mmit s*icide. this system is killing me
@@nunyadambusiness3530 Probably get out where you're living, move to places where you can afford at least temporarily and learn new skill.
90k for a building is a sl. turned ot relly cool.
Is this an ad? 🤔
If you want it to be 😁
Opportunists
This apartment has such a "bro" vibe. I would love to find 2 other female investors and make a bougie professionals condo with a feminine vibe. That would be fun. I'm not even that girly, but it would be a cool project.
Yes ahahah I am glad they renovated the schools but I also was getting the bro vibe. The black trim and black ceilings. It’s fine, but it doesn’t really honor the original architecture. Again, I think they did a great job. But a woman’s eye (or a man with a feminine eye lol) could have helped a lil bit imo :)
I think they look great.
Here's the rub. You're getting government money to reduce what you put into the project while still charging high rents for many small apartments? No walls were moved, the original floorplan was utilized. This cuts costs drastically.
I appreciate these old buildings being saved and repurposed. Sorry, but they seem like typical real estate crooks to me.
You gotta laugh at some of the comments "you put all that time and effort into providing housing for people? You better not make any money you blood sucking leeching landlords!"
GENTRIFICATION 😄
Someone had to do something to the building because the people in said community would never had!
because the abandoned buildings are so much better
And what is wrong with fixing old buildings?
People like you with half a brain are against developing abandoned buildings?
@@saulgoodman2018 NOTHING! Just costly upfront, otherwise, it only helps a community as long as it's kept up & not sold to a slumlord later on, and they keep decent tenants.
math don't math up
Just spend $4.5 million, bro.
They didn't have $4.5M either, they borrowed the majority of the funds. If you have a coherent business plan you too can borrow money from a bank or investor
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What are the demographics over there? I’m afraid of drug addicted tenants.
Maybe your kind needs to stop producing meth and selling them all over, especially low income communities
This is an old video
gentrification in action...
The design is just horrible