I want to tell you how much I’m enjoying and appreciate all the input you are providing to everyone here. And, now, I’ve got a question for you.
I have my eye on a vacant VA repo that meets my requirements (and I’m purchasing in areas where every new investor is buying properties, in much need of repair, at almost retail – they are making me sick, but I’m not the one carrying their mistakes). It amazes me this one is still available. Now onto my information and question
This home is in a mainly owner-occupied, almost nothing for sale, area. The properties for rent in the zip code hover around 11% with a 3% property vacancy rate (nice numbers for my area). There were upgrades done by the ‘Harry-Homeowner-Type’ who closed in the garage by themselves, and added a screened porch that is down right dangerous, that I will need to address. Other than that, it’s remove the trash, paint (cover up the dark purple – a cult must have lived there) and flooring – then flip.
The property is starting to move into a range where it’s worth my time to make an offer. However, as I was leaving I noticed there is a railway about 1/4 to 1/2 mile away. It’s downhill from the property and in the back where it’s all wooded. There is nothing between this house and the railway except trees. The train I saw wasn’t using a horn, at that moment, but it’s clearly a used railway.
I am looking at $75K purchase price, an ARV of $110K - $115K with approximately $15K in repairs. Thoughts from the experts on how long it may take to flip this property with a train running behind it? Or, what further research do I need to do? Normally I leave properties close to a railway alone, but this isn’t exactly on top of the house. I’ve been in houses where the train comes by and you are looking for a door frame to hang on to – not in this case. It’s just in the far back but very noticeable.
Thank you in advance for any guidance,