Would you buy with this issue?

[Maria D'Aura]

I'm looking at buying a condo that needs a complete remodel and also has a huge raised crack in the slab going about 8 feet right in the center of the unit. There are no disclosures and the cause is unknown. HOA has refused any responsibility. It's priced about $90k under market. I'm considering it for a buy and hold rental. Considering just the cosmetic work it needs the list price is good. Factoring in this unknown cost of repairing the crack.... I'm thinking the price is too high. Sent pictures to my contractor and he said he wouldn't know costs to repair without opening it up. Could be a simple patch repair, but could be much more extensive. Curious what, if anything, others would consider offering considering this unknown? What other factors would you consider? How much under market value would make the unknown worth the risk?

[Ralph R.]

Maria D. You didn't say your intention for this property. If it's buy and hold walk. It has 2 strikes maybe 3 strikes against it. Number one is the crack. Number 2 is its in an HOA. They are not always rental friendly and can change. Number 3?? Is what if that's a foundation settling and the HOA does fix it. They may choose to pass the cost of repair on to the owners as increased dues or a special assessment. Then you gotta pay to fix it anyway. I'm no flipper but it may work as a fix and flip but might be hard to sell depending on way the HOA handled the floor if it was their responsibility. You loose control if they take over the repair. Will it be fixed in a week or 6 months?? Same issue about who will end up paying the bill. If you want to live in it and don't care about cash flow or ROI the you may be ok to buy it, fix the floor and do the cosmetics slowly. If it was me I wouldn't even do that. I would have mixed it already. RR