Rental Property Investor · Wichita, KS · Member since 2014 · 9 posts · 1 vote
A planned Flip has caused a change in plans due to major basement issues. Would like to tear down old house and build 4 patio homes. The average home sales for 70 year old homes are about $170K. We'd like to build Patio homes with an average value of $250K that would match other homes 2-5 miles away that sell for as much as $300K+. Your thoughts on any landmines to consider. Will have to Replatt of coarse. We feel these homes will stand out and have small yards for little maintenance.
Without a ton of info I think the landmines are dependent on how accurate your valuations are and how accurately you can estimate the cost of building the homes. If you are experienced in those areas and the housing market stays strong and you have access to the capital needed to build 4 homes then you are probably good.
Thanks Jacob. I believe we will seek an appraisal to justify our price point based on a couple plans. It's uncharted territory for me but seems doable.