Rehab project.. estimated repair cost?
Hello,
I am brand spanking new to real estate investing. I found a SFR 4/1 in a ghetto+ area (I suppose a C-?). 1100 sq ft, 4BR 1bath, 2 minutes to major highway and looks out over a lagoon. It's possible to turn the laundry room into another bathroom.
The property was ravished by termites and seems to have lots of areas that need rehab. Assuming foundation/electrical/roofing is okay, could anyone give a ball-park estimate on the cost of repairs? I will be attempting to do most of the repairs on my own. (I am not handy, but a fast learner and good researcher).
Front area is a bit worn, I saw a few small cracks along the foundation, aswell.
This picture is from the bedroom that had the termite problem. This is part of the roof.
This the bulk of the damage.
More of the termite-infested room. Pretty much 80% of the walls are shot. 20% of roof.
Kitchen looks in good shape.
There was problems like this in a few areas, mostly in doorways.
Those were the major issues I could find. The house is loaded with **** and it will take a day or two to clear it out. The bedrooms may need new flooring and the place needs a paint job. The front/back yards could use some lawn care.
The sellers are wholesalers who just picked up the place before it was sold due to delinquent taxes. Places in the area go for $70-80k but most have 2 bathrooms. and they are asking 40k. I assume that puts the rehab costs around 25-30k.
My next steps are to research the property records in the court house. Also going to check the last roofing permit / flood zone info.
This is my first deal so any advice would be appreciated. I'm no expert, but the interior repairs look to be quite a bit less than 25-30k, right?