Hi, I have a house in Rock Hill, SC that we are looking to rent. We had a GC look at it who determined that a load bearing wall is sagging. It's not a dire issue and the house is not in overall bad shape. We want to complete the rehab by securing the joists to level the floors, along with putting in a new master bath, flooring, and painting. Question is, do we rent it now and wait to do the rehab after a year or complete the rehab now before we rent? The rental market is high in this area and completing the rehab would raise rents by 250-300. This job is around 30k.
This'll sound like two answers and for that I apologize: You're looking at 8 1/3 years to pay back your investment, which is a long time to justify a rehab, if holding rather than selling. The problem I see is that this is a load-bearing wall. I foresee a bunch of issues if that thing collapses. At a minimum, you should have an engineer certify that the place is habitable. That'll be expensive. My advice is to do the fix on this load-bearing wall right now.