2 br, 1 ba in Modesto, Ca

2 Replies

I have an opportunity in Modesto, Ca. My dad is in a reverse mortgage on a 2 br, 1 bath home in Modesto ca. 1,025 sq feet. Built in 1956. I think the repairs needed (before having an inspection) are complete gut and remodel of bedroom, partial remodel of kitchen, fireplace inspection and repair and 2 years out on a new roof. I am a real estate agent in California, so some of the sale costs would be remediated. I think I could sell for 200,000 to 220,000. I'm not sure what rental values are for Modesto right now. So what do you think I would need to have as a purchase price in order to make this work as either a fix and hold or a flip? I', thinking PITI of $850-$950, insurance of $50, water $50, taxes $2,250, property management $100-150. His reverse mortgage is for $270,000 and he has a personal loan he took out for grant countertops in the kitchen for $6700.

He has also replaced the ductwork and I believe upgraded the AC. Do you think the bank would sell this property at a low enough price to make this work as either a flip or a buy and hold for the area? I was going over the numbers with my husband last night but I am nervous since this area is out of my comfort zone, but also within the area I want to consider.

Hi Naomi without k owing your personal finiaces really hard to say wether to hold or flip sell. Sounds like a lot of major repairs have been done over the years which is a huge positive.

Hi Naiomi,

I'm in the Modesto area and could give you some feedback on the area if you are interested. 

You can message me on here if you'd like,

Jenell

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