Fire Damaged Home in High End Area
I've been searching and this house actually popped up on Craigslist. Has anyone with experience think it is worth it? I see the potential in this house. It was built in the 70's and still has some of the historic notes of the era, mainly the intercom system. The floor plan is outdated, but the view you get of the greenbelt in the back is amazing. With bringing everything down to the studs and replacing insulation, drywall, wiring, and such the floorplan can be updated to a more modern style.
The fire started at the deck and moved into the house from there. Id say that 20% of the structure needs to be replaced. Rest of the house is smoke and water damage.
The swimming pool in the rear still works fine, but the construction is questionable to me. Although I have no idea what a proper pool install is suppose to look like.
Thinking this might be out of my wheelhouse as far as first deals, but it looks like an amazing flip if I can finance the deal.
Quick Specs: Built in 1968, 6 beds, 5 baths, 1 story in the front, halfway through the house there is a couple of rooms under ( I wouldn't consider it a basement).
ARV: 1,300,000
REPAIRS/RENOVATIONS: 350,000
HOLDING COSTS 6MO: 54,000
PURCHASE PRICE: 500,000
Do the numbers look good? Is $350,000 enough to rebuild a house of this size? What do you think?