gutted house
So I'm looking at a house that seems to b a good deal to me could someone help analyze it with me and let me know what u think thanks
So this is the info that was given to me on it :
3BR / 1.5Ba 1246ft2 house
w/d hookups detached garage
This is an out of state project for me. I have too much going on where I live to manage this as well. We are looking to just payoff our loan and move on with other projects.
What we have done since purchase:
-painted exterior -replaced bad roof on garage and porch -gutted first floor walls and ceiling -purchased 5 replacement windows to upgrade the ones which are outdated (comes with the house) -gutted the plumbing
What needs to be done: Repair/replace some weak/rotted floor joists -Reinforce the trusses (outdated and weak) -Add some foundation support -Install the windows already purchased (come with house) -Install new electric -Install new plumbing -Install new furnace/AC and some duct work -Insulate and drywall the first floor -Paint interior walls and ceilings -Install new flooring -Install full kitchen and 1.5 bathrooms
The basement is accessible only from the exterior of the house and is a small (approx 10x10) room for furnace/water heater and the rest of it is crawl space.
Total rehab cost = $45,000
Purchase $59,900+45,000 rehab = $105,000 cost
Estimated After Repaired Value $160,000-170,000
There are two bedrooms now, but a third is framed in to be added on the first floor.
We have a short term loan which must be paid off, so we cannot do any type of owner financing.
So that is the info I got from this source I don't own this I'm looking at making a deal let me know ur input thanks
PS BP is da bomb !!!!!