6 feet under water

[Kevin Stalbaum]

I looked at an REO today and there was at least 5 feet of standing water in the basement. Hard to tell exactly how deep it was but let's assume ceiling is 8 feet and there wasn't more than 2 feet between water level and ceiling. Could only go down a few stairs. Property appears to have been vacant for at least a minimum of one year. It's a real beauty!!! Since all the mechanicals are in the basement it goes without saying that the furnace, water heater, and electrical panel will all need to be replaced. Oh and let's not forget a new sump pump with a battery backup. None of that scares me even on top of the fact that the first and second story need a gut rehab. My question to all flippers and rehabbers is what else do I need to factor in when deciding how much to submit an offer? Possible new drain tile? What else can standing water for a long period of time do? Other details...I checked the foundation walls as much as possible and did not see any cracks what so ever. I did however notice some sloping of concrete walkways towards the house. The first thing that came to mind was the drain tile has collapsed. But I'm by no means an expect. Any advice is appreciated. Thanks in advance.