When working w/agent with local knowledge really pays off!
This morning I found a potential deal on the MLS... I knew it needed extensive rehab but it was in a great area and looked like a good BRRR opportunity. I spent a while researching it on the county website, etc (wasted time...) before I emailed my agent, very excited about it.
Her response:
Okay, now I remember this house. You can’t do anything with the property. You need about $350K to fix it. It’s not at all habitable. We showed this house and it has been on the market for many years. I remember speaking to the town about it. The town said at that time there were so many issues with this home, they would not give a C of O on it. It is a knockdown. A builder I know wanted it, and after talking with the town, pulled out.
Oh well, on to the next! At least I didn't have to waste even more time making an offer and going to look at the property all before coming to a similar conclusion myself.
(For those questioning the $350k figure, we are in the metro NY area... you basically have to take prices from the rest of the country and double them.)