2bed 1 ba
ARV - 68k
Bank asking 39k
i offered 33k with 15 day inspection clause
needs 11k in repairs per contractor…the house has a moisture issue as there is mold on the bedroom walls, everything else in the house is brand new, another investor started the project and lost the contract on it. I think the spread is good, but concerned about the mold as I don’t know if it is inside the walls and if it is bad it will diminish my profits. What would you guys do?
Does that 11K in repairs include mold remediation? That can be costly if it’s more than just surface mold.
Use your 15 days wisely. Find out where the moisture problem is, if it is fixable and then determine the extent of mold damage.
If it is in the walls, determine the cost. If it is, you will have to tear out that room completely, spray for mold (remediation) and rebuild it.
Is your ARV allowing for a probable lower than average sell due to disclosure of previous mold issues? If not, I’d deduct.
Numbers look good. Will a 2/1 sell well in your market?
Raj