Pearland, TX · Member since 2018 · 16 posts · 1 vote
This Saturday, I'm going to look at 4/3 house that has flooded twice; once in 2016 before Harvey (13") then in 2017 because of Harvey (42"). The house is cleared out and cleaned, 2727 Sq' on 2.75 acres, (home owners are claiming 3239 Sq' living space), newly built 60x40 barn in 2015, Well water, Clear septic system 200 Gallon Propane Tank for gas just outside the city limits.
What can I realistically asses the repair costs to be? At $40/foot its $110K ($130k @ 3239 Sq'), but not sure if it's accurate. I am calculating the property taxes to be ARV since its flooded twice.
Pearland, TX · Member since 2018 · 16 posts · 1 vote
8y
The areas has flooded twice from the adjacent Bayou. I found out the ares is going to be paced in flood plane 2019 and structures will need to be raised 5 feet or more to qualify for affordable flood insurance. I'm wondering if its even worth it for the land and possibly build up on beams or bring in dirt to raise the land. Any current stature will have be demolished for sure and that's an additional cost.
has any one bought flood houses near a water source?
Pearland, TX · Member since 2018 · 16 posts · 1 vote
8y
Bottom 4 feet of drywall is bare. still has grant counter tops and cabinets were unaffected it's has been emptied out and cleaned. Insurance has bought the out the property owners and the owners have 100% equity.
Pearland, TX · Member since 2018 · 16 posts · 1 vote
8y
The entire house is cleared out to the 4.5' line. The top half half of the house was not flooded. Tubs are out and only one shower has tile and would need to have the dry wall removed. The home owners have already cleaned it out and treated it for mold (this will still need to be verified per due diligence). AC and electrical is working properly, but smells musty. After it flooded in 2016 they upgraded the house and opted for higher end Cabinet and counter tops but after Harvey they removed it and brought the bottom half to the studs.
Rental Property Investor · Maryville, TN · Member since 2009 · 529 posts · 414 votes
8y
Hiring everything out or diy?, removing old floors or bare concrete? 4$ a square should easily do the job, but what about the value of the home after flood maps change?
Pearland, TX · Member since 2018 · 16 posts · 1 vote
8y
Thanks Will. That's a number I can put in my figures to see how it may work. The idea would be to demolish the house and build on stilts. Build up his like at the beach.
I have come to the realization that no one will insure a house in the area because it's below the 22 feet required to be out of the flood zone. Everyone that had insurance got paid out and stopped paying for it soon after so there is now a laps in coverage which means all the grandfathered policies are now gone. This makes getting a new policy more expensive than the note or no insurance.
With that in mind I can only offer property value minus cost of demolition. I spoke to one guy and he laughed as he hung up on me... but those are the numbers. What can I do except move on to the next one.