an old boarded up, built in 1880, total gut house for $200K where the ARV is $710K in Long Island, NY

[Pete Nater]

Attn Rehabbers: In general would the average experienced rehabber deal with an old boarded up, built in 1880, total gut house for $225K (topic says 200K but it's 225K) where the ARV is $710K in Long Island, NY? needs new everything, inside and out. My wholesale fee is already taken into account separate from those numbers. I'm thinking yes, because I keep hearing that replacement cost is still less expensive than new?

[Jake Goehring]

Hi Pete, couple thoughts that jump out at me.

1) Whoever buys the house after it's rehabbed has to be the person that WANTS a 19th century home. There's a certain charm there will preclude, perhaps, a large portion of retail buyers. This increases risk to the rehabber.

2) Before you get too deep, make sure you find the RIGHT rehabber and they do a deep, down, and dirty, thorough, check under the hood and kick the tires inspection. A house that old WILL provide surprises. Costs will be higher than what's budgeted.

But like always, the market needs to be good, the neighborhood good to go, etc. I've done a rehab like that (1898 house, moderate rehab, limited gutting, etc) and I'm not sure I'd do it again. If the conditions were right, I probably would. I guess to answer your question, the average rehabber may not, BUT a more experienced rehabber should contribute to creating more favorable conditions making the whole project worth it.

Sounds like a great project! I hope it works out for you and the rehabber!