Selling - Renovations or As-Is
Everyone has their own rule but this is a very specific situation and I’m not sure what to do. Bought a rental duplex for $280K and it turned out to be a rough experience and want to sell.
I had to do some electrical work which involved opening up drywall but previous electricians made a mess with drywall. The electrical work has mostly been finished but I have to repair drywall for inspection to close out permit. With the mess of the drywall, I’m getting quotes for $15K for drywall, paint, and close out electrical permit/process.
I am deciding between selling as-is and doing this work before selling. My concern with selling as-is is that the permit is still open with exposes me to liability and that it probably won’t be available through conventional financing which probably makes up a majority of buyers.
I am evaluating comps but I think I could probably get like $275K with it in decent shape (after drywall and paint and permits closed) but I’m worried it would be a steep drop off in price if I don’t. I’m still new to this so I don’t have the experience to make an educated judgement here.
What do you guys think?