Whole house demo estimates in Jerome Idaho?

Whole house demo estimates in Jerome Idaho?

Investor · Twin Falls, ID · Member since 2018 · 83 posts · 9 votes

This home is unsafe for living in for asbestos and black mold in the bedrooms with exposed wiring in the basement that could be a possible 2 bedrooms. It seems that the whole rehab process could take somewhere between 80 to 110k if the roof was new and replaced with an entire gut job with new bathroom anf kitchen ( which the the most expensive of those 2 items surprisingly) and the list price is already 195k! In my personal opinion I do not believe that someone would cut costs and want to rehab this place to bandaid the problem of leaks on the took which goes down into the walls and light fixtures, plus an unfished bathroom-like area that's exposed sewer drain and plumbing, someone couldn't just temp fix it to make it livable because I believe its unsafe the air quality is bad when the furnace kicks on it sets off smoke alarms so they leave it off..... My thoughts are if the house can be dozed over then thats a blparl of 20k and then new construction starts at 200k and if I can figure out if a parcel can go from not being able to subdivided to becoming a subdivided parcel for 2 houses on this almost full 1 acre lot, which btw is 0.97 acres, then that makes 220k to remove and build new for first parcel and add another house for another 200k? Then sell the whole thing for 550k? I think that is a deal but hey what do I know. I am only trying to see all the avenues for what makes this potential deal a home run with the numbers I have now and ill have more for sure and accurate on point estimates later mext week. 

anyways. Anyone in Jerome Idaho for dealing with demolition work and or new construction and or knows more about the zoning info then hit me up and lets figure this out together. Thanks for the time and look forward to hearing back from ya all.

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  • Twin Falls, ID · Member since 2019 · 10 posts · 1 vote
    6y

    Its hard for me to see the money in this one. Lets say you cut a deal and purchase the property for 150k, then bulldoze and and build new for 220k. You are now into the property for 370k. If you are able to divide the lot and build another house for an additional 200k then you are now at 570k. You would have to sell each property for 300k+ which would be a tough sell in jerome. As a new investor, I personally would walk away from a deal that needed that much work. 

  • Investor · Twin Falls, ID · Member since 2018 · 83 posts · 9 votes
    6y

     well that's actually what I'm working on today and calling around and getting numbers and estimates on what I can actually do with the property and I personally believe that I could get this property for 80k and it would most likely have to go that route of starting over from scratch and even if it is 220 to build new then that's only 300k into the property then it would be at market value as its literally across from the school. That is also something I'm trying to figure out if this land as it is a .97 acre lot then if the possibility of it being subdivided is doable then yes another 200 into it for another new home and then the entire thing sold for 500 to 550 or individually at 250 to 275. I know and understand those are kind of high estimates for conservative numbers but as I'm trying to see what route to take for this to be considered a deal it doesn't always have to be a whole run deal but that's why I'm doing my homework and try and what routes work best for this property. I'm almost positive if someone was to take the route of the rehab because of the problems with the lead paint the Asbestos and the black mold it would be up near a 110k and is just easier anf more cost effective to start over new which was basically new construction anyways.

    I appreciate the input and I still got to do more due diligence on this and find out what the final result could actually be

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