Real Estate Investor · South, FL · Member since 2011 · 66 posts · 16 votes
I am presented with an opportunity to purchase a wheelchair accessible home from a local bank for $68k. It's located in a desirable area in a mostly retirement community in sw fla. Besides the huge roll in shower and bathroom, it features lowered kitchen cabinets, higher outlets, lower wall switches, widened door entries and hallways. This would be my 23rd flip and I'm a GC, so I know the cost and timeframe it would take to convert it back to regular home,($18k). If I just do some minor rehabbing and leave it as an accessible home I would spend about $9k. ARV is about $129k for this home. The agent for the bank has not marketed this as an accessible home. Should I do the light rehabbing and market it as accessible or do the full rehab of changing kitchen, vanities, outlets , etc. I'm sure someone paid a lot of money for these modifications and I would hate to devaluate the property.
Good question.
I can't say that I have ever heard of someone shopping for a home with these modifications. I do know of several cases where a person's current home was modified in the same manor as you say with donations or insurance.
I think I would change the cabinets and electricals back at least.
Don
What a unique opportunity. I think I would try to leave it as is. I guess it depends on the area. May be a tough sell, and in the end sounds like it would only cost another 9k to change it back. Still, I think I would try to market it that way, may be your niche'.
I generally think you should make homes appeal to the widest possible target buyers which is why it is good to keep things neutral, etc.
However, there are opportunities in the market for specific features which can cut down the houses you are competing with on the sale.
I had a house about a year ago with a wheel chair ramp in the back. The rest of the house was no handicap accessible though. I decided to leave the ramp and was surprised at the number of people who had interest in the ramp feature.
In your case your features are more than a ramp so I am not sure how to advise. I think you could test the market and see what interest you get.