House w/ addon deal?
I have an opportunity to buy a unique property from an individual who has a house listed for 35k. It has been fully gutted. 3b/1.5 baths in the main home with attached carport. Also the back of the home has a 1000sq/ft attached area with a half bath in it (former beauty salon with 6 chairs). 2 hot water heaters 2 HVAcs - 1 meter
I spoke with the agent on the property that i personally know and got a tip they might agree to 25k. The owner of the home evidently is a flipper who may have ran out of cash and bought the property from habitat for humanity for ??? amount.
The location is decent in a B- area house built in the 57
Option a.
Revamp the property as its laid out all new windows new cabinets etc (move laundry out of kitchen some how) around 35k rehab costs (dont know if nat gas hvac or hotwater heaters work -- or the possible costs of adding a 2nd meter+ wiring. Only add floor covering and freshen up other side.
B.
Do option A with the addition of completely rewiring electrical - and adding a master bath tiled shower in place of the 1/2 bath. Total rehab 50k
ARV estimated at 145k (very hard to determine since it has an investment property attached)
Anyone care to lend a hand on this one? Thanks!
Gabe