Profitable house problems
Hi. I know many people look for distressed properties in order to fix up and flip. But many of the problems with properties end up costing more than they are worth. So I thought it might be good to get investor opinions on what are the most profitable 'problems' with a property. In other words, what are the problems that drive most buyers away (and thus help lower the price) but are easy fixes that can result in big profits? One of my favorites is cat urine. Yeah you have to rip up the carpet, bleach the floor and seal with Kilz, but this only costs $100 or so + flooring. However, if you have to rip up the flooring anyway, the smell of cat urine normally turns most buyers off.
I should know. I had a renter with a cat who ruined my carpets. Before I took out the carpets and treated the floor, most people who saw the place turned right around and walked out. After sealing everything up, it rented in 24 hours. Anyone else have some good 'problems' to look for? Thanks.