Investing in a property with 25% fire damage?
Good afternoon everyone. I was wondering if anyone has experience with buying fire damaged properties? I have an opportunity to buy a house that burnt 25% of the home. The land is only worth 2k that the home sits on, and the home itself was assessed at 40k in 2014. The home sets in a rural area near a giant lake and is only a few miles to the ocean.
I know nothing about structure, however, I did get a disaster cleaning team in there to give me an estimate in order to get the home in a condition so that it could go directly into rebuilding. They would essentially salvage structure and tear down structure that cannot be used and then cleaning everything with some sort of baking powder substance. All of this mess includes two dumpsters and a few days of work. That estimate was 15k.
So I guess I am asking everyone that has experience with this sort of thing about their stories or nightmares and so forth. What are the pros and cons of investing in such properties? Thank you for your time.