Updated over 8 years ago on . Most recent reply
Advice for a rehab in Southern MD...
Hello all:
I a from Greater Boston. I am accustomed to certain things being sort of the "gold standard". However, I also understand that, in other regions, applying that same standard can quickly turn a deal upside down.
There's been a death in my wife's family, and the family is inheriting a rambler (brick front Ranch) in a great, small desirable neighborhood in La Plata, MD. It is 1500 sf w/attached one car garage and 2.5 acres.
The BPO I've received wants to list at $200/sf, but the one sale that was $223/sf was not finished as nicely as this will be. Is she pricing to move despite our desire to maximize ROI? She's a nice lady, and very helpful, but we have 6 months the property MUST stay in probate by law, so we would prefer maximizing ROI, as long as rehab and sale doesn't exceed 6 months. This is a 4-5 week project.
Recent sales in the area range from $150-$220/ sf, but only one was above $200/sf. I need to be very careful not to apply Ma standards to a rural area in So. MD. This town does have commuters to D.C., but it's exurban, and it's a 80-90 minute commute.
1) Will it pay for me to do things like hardwood throughout?
2) conflicting advice on expanding deck (agent says yes, flipper in neighborhood says no.) my gut says yes.
3) Need to reconfigure kitchen( 70 sf) : my gut says remove water heater from closet pantry and install an on-demand heater in same space and add cabinetry and a fridge alcove. Realtor said on-demand too expensive. I say only $300-400 more and worth it for space. Also, if folks are not used to them, maybe it will make the home stand out more...
Interested in any thoughts from people with experience in this type of market.
Please keep on subject of finishes, design, expectations and ROI. I'm not ready to talk about the deal or deal structure in this forum.
Thank you all in advance.