Are you working with a partner who could go in the house if you can't? If you're THAT allergic, I don't think this will work regardless of the extent of the damage. See if you can get a contractor in there to get you estimates.
I’m also super allergic to cats so that’s fun, ill need to have someone do that part. Anyone wIth experiance? I want to rent this place, I would have zero tolerance for existing smells. It’s gotta be spotless. Thanks!!
Can you look into getting treated for this allergy? Stinky houses and good deals very often go together. Spotless and odor free usually means a move-in ready house fixed up for retail sale. These issues are going to be a significant issue for being in this business.
Well i finally got to view the place. Walked inside and it was pretty smelly. But to my surprise my allergies weren't heavily affected. Looks like the owner let the place become a litter box, the floors are rotting away in some areas. Luckily it's a 1 story, and about 1400 sq ft. manageable i think for a first rental. Flooring should be sitting on top of the slab foundation. There's no carpet, hopefully it's not glued down. Either way clean up should be a little easier considering.
When we demo I'll probably get a full face mask because that's probably when the allergens will really hit. That said here's what our numbers look like, we think we're being conservative on the costs:
Age of House: 1987
Repairs: 35K (worst case - expecting less - hard to say since this is our first go around)
master bath needs fixed, guest bath just needs a good clean, flooring in the entire house needs replaced (guessed 10k alone for that), fresh coat of paint, tree trimming/removal as they're very close to the house
Appliances - original but seemingly alright shape, original hot water tank (OLD)
the good: brand new roof, brand new AC unit
When we did the numbers we worked in possibility of having a management company (10% of our rent), maintenance costs + vacancies (about 12% of our rent), with 20% down the numbers come out to be around 300 cash flow. cash on cash was about 7-8%. Sorry i have all the details at home, just writing it here to see what people generally think. My thought was a cashflow above 300 would be decent especially since we've factored in management company and maintenance already. So we can expect more depending on what happens.
Worst comes to worst we over spend on the budget, flip it and make very small margin or maybe even break even but i think we have a shot at making this work. Hoping for a safe learning experience haha. We will be having an inspector check out the core stuff just to make sure there's nothing way off.