Does anyone have a rough idea what the cost might be in Peoria, IL to replace some 1923 plaster with drywall? Walls and ceilings both need to be replaced. Also, is drywalling straight over the plaster a decent enough solution to keep costs down or are the problems with refitting doors, windows, crown molding, electrical outlets going to create too much of a headache? The house is 1664 sq feet.
It’s listed for 31500 (I think it can be had for 26), can go for mid-50’s.
Thanks for the help.
Naperbill
Naperbill
Word of caution, if you knock down the plaster, most electrical codes require you rewire the house. Many houses that age still have ball and tube wiring. If you have to replace the plaster with drywall you will not make money on this deal.
You might consider patching loose plaster and then retexturing the whole house and painting. Texture over plaster can cover alot.
Good Luck!
NDI
Thanks NDI,
I think I’ll just take a pass on this one. I’m afraid once it starts then it won’t end on this house.
But, now that I’m thinking, if the house can be had for 15k, do you think it could get a worthwhile profit even if we had to rewire it?
Thanks again,
naperbill
I know your ready to go but I don’t think you can make this work unless your selling price is higher. In most areas electrical will cost about $8K, sheetrock, taping ect, $10K. Flooring about $7K and that doesn’t cover the unexpected or new appliances.
Get comparables from Realtor.com or a Realtor friend, in my area 1,600 sq ft above ground the selling price would be about $100k+. I try to go to a lot of open houses to get an idea on what the ARV will be. Don’t rush into this one.
NDI
Thanks again NDI. I’ll look at it a little more, but my gut is telling me this is probably not the deal for me. I just like finding that diamond in the rough. This one might be too rough.
naperbill