Post inspection: still worth it?

Question

Hi guys, I just finished reading my inspection report for a property down in Florida and to be frank it looks daunting. The water heater needs replacement, air handler filter is close to replacement along with the condensing unit, the dishwasher is inoperable, there is water damage below the sink, and the bathroom sinks have coating deterioration. Those are the main points; there are other smaller points, but I had anticipated them. How would you guys go about these issues? Are any of these deal breakers? Would you guys negotiate repairs at closing? Any wisdom is appreciated.

Lien Vuong · Answer

Classic deferred maintenance issues. Is the price in reflection of the current condition? I would monetize those items and see what it would need to get them all up and running and re-evaluate the deal that way. If you think that's put a large dent in your budget and will really shift the ROI then I would renegotiate with the seller.

Talk to your agent and see what's the best next step for your investing goals.

Herndon Davis · Answer

Why would you negotiate repairs at closing? Use the report as proof to reduce your offer even further. This is an investment property your'e talking about right?

Caleb Heimsoth · Answer

@Jonathan Guerrero irk about the condensing unit but a new sink is probably 250 including install (for the whole vanity)

The water heater is probably 400-500. Seems pretty straight forward. But you’re long distance so you’ll likely pay roughly double those prices I’m guessing.

Russell Brazil · Answer

Nothing you stated there sounds out of the ordinary and can all easily have been seen with your eyes while walking through a property. You can have a brand new water heater that can fail in under a year, or you could have one last 25 years at 2.5 times its life expectancy...and a water heater is fairly inexpensive. Im constantly replacing them.

And a Filter? Really? They need to be changed every couple months. Dishwashers are your appliance that last the shortest amount of time, 5 years on average, so they are always going to need to be constantly replaced.

Jermell Shavers · Answer

@Jonathan Guerrero Pm me the serial number or take a pic of the unit and I’ll get you a price I don’t mind I’m there all day everyday anyway.

Jermell Shavers · Answer

@Jonathan Guerrero. Condensing unit shouldn’t be anymore than 1k for the equipment depending on tonnage install like 500$ if you can’t do it yourself tell

The guy you are willing to pay 500$ I’m sure someone will take it takes me less than 2 hours to install one.

Jonathan Guerrero · Answer

You Guys are awesome. Thank you for the wisdom. This would be my first investment property and therefore asking of more experienced investor's opinions. This is very helpful.

Post inspection: still worth it?

Post inspection: still worth it?

Most Popular Reply

8 Replies