Austin, TX Ā· Member since 2016 Ā· 160 posts Ā· 39 votes
6y
boarding up is likely not the most serious problem, the problem is that this property have been vacant for years. Why was this property not being able to be sold is the main question you will need to figure out. This will ultimately tell you the true price of the property.
Realtor Ā· NY Ā· Member since 2020 Ā· 167 posts Ā· 169 votes
6y
@Nicole Vincent, cost may be the least of your issues, is it condemned? do a thorough due diligence before jumping in, assume the worst, assume its a gut job or a tear down and estimate a such.
Rental Property Investor Ā· Boca Raton, FL Ā· Member since 2018 Ā· 24 posts Ā· 5 votes
6y
@Nicole Vincent, i dont want to rain on your parade, especially as i havent seen the property and make my comments based on assumptions and personal experience, BUT... additionally to all the great comments ahead of mine;
As this is in Florida you also want to think about the strict building inspections when rehabbing. This could become a money pit if you donāt put a real seasoned inspector on this beforehand. I have seen it too many times that a building inspector finds existing code violations during construction and/or deficiencies that need to be fixed to close the permit out. If you cant close out the permit this could really be an issue when you try to sell it later. Opening an old permit and prove the issue is fixed years down the road will be a nightmare.
There could also be possible extensive termite damage that could have occurred over these years it was vacant. Of course i donāt know if its a wood frame house or CMU/stucco but if its wood frame the insurance alone could kill you on an older property or you cant even qualify. Even with upgrades to hurricane impact glass etc. to potentially qualify for insurance may not even make sense if the existing structure couldnāt hold the window in place during a storm. āDonāt want to put impact glass into a house made of sticksā.
Either way, i like the way you think out of the box to find overlooked opportunities. Just make sure you do your due diligence with inspections and inquire about insurance.