EPSILON-UPSILON CHAPTER
Fellowship. Leadership. Scholarship. Service.

2011 - 2012 Capital Improvement Project:

Bed / Bath Renovation

This homecoming, the Denton Kappa Sigma Education Foundation announced the “Bed/Bath Renovation” capital improvement project for 2011–2012. We are partnering with various alumni-owned companies including Murphy Custom Homes and Joplin Compressor Services  to standardize furniture, appliances and electronics in the living quarters.

The project is centered on three key objectives:

  1. Increasing annual rent revenue (20,000 to $50,000)

  2. Making the Kappa Sig house a competitive place to live

  3. Reducing maintenance costs through standardization

Current Situation (Problem)

Future Situation (Solution)

  • 12 Beds / 6 Bathrooms
  • Various states of disrepair. Approaching untenable
  • Designed double occupancy / All but 1 room single occupied
  • Financial Impact: Conservatively ($20,000) lost annual rent revenue
  • Situational Challenges: original fixtures, deteriorating infrastructure, unscheduled maintenance, leasing untenable space, high disposal fees
  • 24 Beds / 6 Bathrooms
  • Remodeled, standardized furniture, Appliances & Electronics
  • Mandate / incent double occupancy
  • Payoff: Predictable living situation, easy-move-in for undergrads, competitive Living space, predictable maintenance schedule & costs
  • Cost per 1 Room and ½ Bath: $4500
Before After Before After
Bedroom Before Bedroom After

Floor Before

Floor After
Shower Before

Shower After

Toilet Before

Toilet After

Click Here To View All Pictures Of The "Model Room"

Financial & Competitve Landscape Is Rapidly Changing

Today, our 24-man house is about half-full. Increasing headcount by just 6 new tenants would bring in more than $20,000 in additional rent revenue. This added revenue can be used to pay down the $70,000 house note as well as the $86,000 in loans that have been made by individual alumni.  Over the last few years, a number of alumni organizations have stepped up and built new chapter houses. Theta Chi recently celebrated the opening of a 30-man house right next door to us. Sig Ep has built a massive house within the last 4 years. The competitive landscape has changed and chapters are using these tools to their marketing advantage. With the house now 10+ years old many of the rooms and bathrooms are in significant disrepair with a few approaching an untenable status. Ignored, the financial implications will continue to mushroom and the asset will only become more difficult to recover. Standardization will reduce maintenance costs and the adverse affects of “move-in-tear-up” and “move-out-leave-junk-behind” the house has endured.

Not "Just Throwing Money At The Problem"

It is worth noting that the housing Corporation has made significant strides over the last 2 years to improve the situation. The HC successfully increased annual rent revenue from $24,000 in 2009 to more than $45,000 in 2010. In addition, a number of policies have been enacted to improve compliance and capture security deposits. The major point here is that we are not simply trying to throw money at a problem. We are improving the process for how the house is managed and maintained and establishing firm, but reasonable, expectations for accountability with the undergraduates.

Get Involved Today

 

Now is a great time to get involved in the dues program. If you’re already involved and would like to do more, it’s a great opportunity to get with pledge brothers or close buddies where everyone could kick-in a couple hundred bucks to get one or two of these rooms renovated. If you have not made the decision to get involved yet, let this be that tipping point. Please support this campaign and get involved today. If you have questions, please call 469-644-4580 or email dave@gmanfamily.com.

 

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