Looking at HUD Home - Potential Lead Paint - Maryland
Trying to find a local property that would work with a BRRR strategy. A property came on the market via HUD. I obviously have to wait the owner occupant period but want to do some research in case it slips through.
Asking price is 90k.
Rental estimate of 1300-1400/month
ARV (according to online sites) - $165,000-185,000
According to the inspection report is has HVAC and electrical issues. These I'm not too concerned with as I can estimate those costs out. What I haven't dealt with in my personal homebuying experiences is potential lead paint. It's an older home so the federal addendums are attached. The inspection also lists peeling paint specifically.
How big of an issue is lead paint to deal with? I believe in Maryland you have to get the house tested and certified before renting it. Is anyone familiar with this process? What sort of issues/costs should I be factoring in with my worst case scenarios?