Here is a link to a video and some pictures of a property that my partner and I are considering to sell.
It seems like the property itself is a total rehab. Problem is, the community this property is in is a rental community, not a fix and flip community. Judging by what you see in this video and the pictures, what do you think the repair cost would be to make this house acceptable just to be rented out?
@Chadwick Cadet Maybe you should try and wholesale it as is?
@John Underwood The issue is that the area does not have any good comps for fixing and flipping.
Investors do not want to fix and flip there.
However, they are willing to buy and hold.
This is why I am wondering what the repair cost would be just to make it able to be rented out.
@Chadwick Cadet you can wholesale to someone wanting a rental property or buy and hold.
That is the plan.
I would just need a repair estimate so that I can market the property to them better.
I live in a town with pretty low property values. A house in a condition like that would sell for $2000 in this market. If it was in good condition, it would sell for $10k to 15k. There are people in this town that buy houses like that and do all the work themselves, then rent them out or sell them. Find someone like that and get rid of that property.
Run away fast
@Jason D. So are you saying to make this house livable, just to be rented out, we are looking at a minimum of $70K?
You are going to have to tell us some basics like where the property is located, and how many square feet it is, to get even a super ballpark answer on repair cost.
@John D. It is located in the Joyland neighborhood of Atlanta, GA 30315.
It is 936 sqft.
Repair estimates vary greatly depending on who you know and what prices you can get things done for. Start going through item by item.
Windows: 180 Each
Exterior Doors: 420 Each
Interior doors: 200 Each
Cabinets: 2800 Each
Electrical (no clue what yours looks like)
Plumbing (no clue what yours looks like)
Bath: (tub/Shower/Toilet/Vanity/plumbing) 2400
@Chadwick Cadet You're basically rebuilding it, but it's more challenging because you have a lot of work to do before you can start. It's pretty much worthless because it would take every bit of $70k to rebuild.
You might want to market it as land with a tear down on it.