Home investment near Boise Idaho that needs repair help
The home was built in 1909 and it's a diamond in the rough. I'm under contract for $260k and ARV is about $420k. I know (for certain) that it needs at least $20k in electrical and plumbing upgrades. I have a bid for another $40k for foundation repairs. Most of the exterior window trim will need to be replaced as well. Some places will need floor leveling. Many repairs have not been bid out yet, which makes me think with all the "unknowns" that come with a house this old, I'm having a hard time knowing if there is truly room for it to be completed the RIGHT way with room for a profit.
I know that with scope creep on a house this old, a truly perfect renovation can be 5x more expensive than anticipated if there’s rot, water damage, or anything else that’s hidden under the plaster walls. I also am aware that flipping to an end buyer without getting it 100% up to code could realistically mean they can’t get a loan on it and it may not be insurable. On the other hand, a fill demo and drywall job may also put this outside the profitability range.
I’d love to make this home beautiful again, but I think I may need a partner, possibly a contractor, to help guide in repairs. Is anyone out there interested in talking?
I know there were several other bids on this property within the first day it went up, but through sheer luck the seller met me and my family when we dropped by for a showing and he liked me the best, partly because I told him I would try to restore the house to its former glory.