Updated about 11 years ago on . Most recent reply
Long Island, NY Flip - Water Damage & Mold
Looking for some professional opinions and info on the following potential flip:
SFR, Excellent neighborhood, 5bed, 3 bath.
Vacant home with frozen pipe, water damage and now mold. Would have to be purchased cash.
Asking price $300,000. Taxes are $12k per year. Closing costs have to assume $20k for this area. Due to NY closings, etc, have to figure 9-12months for this to happen.
While awaiting recent comps from my agent who is familiar with this area, wondering what you guys think. My initial thought is ARV is $460,000-$500,000. Was looking for feedback on any water damage/mold issues anybody has come across.
TIA, let me know if you need any more info.