New deal found, hope it works out

Ok, pros…don’t say much about this one quite yet. Let’s give the newbies a chance to look through and spot all the potential issues with this one. Let’s use this as a learning experience for all.

propertymanager · January 27, 2007, 4:54pm

I often buy properties that look like that. Get out the lipstick and buy some coveralls! At least there weren’t buckets of human feces in the corner of every room. Been there, done that! I don’t like that bad siding, but it could be redone. How about some white vinyl? I’d run the numbers and make a ridulously low offer! Save enough money for that handgun.

Mike

DannyTheGreat · January 27, 2007, 4:59pm

So this game is to identify everything wrong with this property, list the necessary repairs, and approximate (we don’t have any square footage measurements to be accurate) cost for contractors to do it (we know Rich isn’t smart enough to do any repairs). Inspired by the book “Flip”, let’s arrange the lists in a MUST- SHOULD- COULD formation. That would mean what absolutely MUST be repaired for safety, function, use, whatever. What SHOULD be repaired but wouldn’t be absolutely mandatory. Then what COULD be repaired to make it more appealing, sell faster, add value, whatever.

Rich,
What is the ARV and is the asking price still 130k? Are we taking about the entire duplex or just one half?

Rich_in_CT · January 27, 2007, 5:01pm

I would have to go rediculously low. The roof is TRASHED! You can see light through many of the 3rd floor ceilings and it has so many angles that the price would be SKY high. I could see a large part of the roofing problems from INSIDE and there was definitely a lot of rot. I would have to go much lower, like down to $50k, for me to consider it. Not sure if something that requires this much rehab is good for first project, was looking for something a tad better. Also, something to note that was not apparent in the pics many of the floors had definite rot, I could feel it as I walked.

Rich_in_CT · January 27, 2007, 5:08pm

Only thing I didn’t really see wrong with it.

jsstinson · January 27, 2007, 5:24pm

What SHOULD be done…50 gallons of gasoline and a zippo should fix all the problems this property has…

Ok, I know the season vets are going to say its doable, but I had to throw my two cents in before people got serious with the pics…

On another note…the way that roof was looking, are there any joists up there? Or did I just see the pictures wrong? What are the local building codes on that stuff?