Updated over 8 years ago on . Most recent reply
Literal FIRE SALE. Providence, RI
Single Family Residential.
54 Silver Lake Avenue
Providence, Rhode Island
3 bedroom, 1.5 bathroom, 1856 total square footage, 944 sqft currently finished.
Purchase Price: $55,000
Renovations: $30,000
ARV: $125,000
This property had a fire in it recently. I will be wholesaling it in as is condition to a cash buyer. Some details regarding the property are as follows: House needs moderate exterior work including patching in stock vinyl siding to bring to a complete finish. The roof was cut by the fire department in order to vent the smoke and heat during the fire, so there is a 4x4 hole in the sheathing of the roof currently covered by plywood that will need to be repaired when the roof is done. None of the rafters were damaged. 5 floor joists were damaged in the fire. They are currently exposed and should be an easy fix. The interior needs a full gut job, and complete interior rehab. This house has a layout that is simple and inexpensive to work on especially if it is gutted completely to the studs. One set of the interior stairs will need to be reframed. Overall, the house is structurally sound. There is city water and sewer, and utilities are serviced by National Grid.
The numbers work with this house selling at $70,000, so there is plenty of room for anyone at $55,000.