Is Walk Thru Bedroom a Deal Killer?
Hey Guys, I found myself in a unique situation...
I came across a 3/2 at an attractive price the day it was listed on the MLS.
I have been out of town and I wasn't able to see it, all I could do was see the pics on the listing. I knew the price was attractive and it needed some minor work, it could be a potential BRRRR deal.
I decided to throw out a cash offer (sight unseen) and they accepted.
Listed price - $65k
Offer - $59k
Rehab Estimate - $20-25k
ARV - $110-125k
I have a 7 day inspection contingency and must close by July 31st.
Here’s the problem...
Since I haven’t actually been inside, I asked my dad if he would visit to check it out before hiring an inspector.
It’s listed as a 3/2. The city assessed it as a 3/1.5 (2 full bathrooms, 1 is in basement).
But he said there was only 2 bedrooms. The Bungalow upstairs is just 1 big room, but they’re counting it as 2 bedrooms.
The only way to access it as 2 different bedrooms, would be to WALK THRU the first bed to get to the 2nd.
Do you guys think this is a deal killer?
I don't think a Walk Thru bedroom would effect market rent, but as a BRRRR I need to be able to please the Appraiser.
Would the Appraiser consider this a 3 bedroom?
This house was built in 1927, it’s 1200sqft, and located in Michigan.