I've been looking at a few properties in my area, and it seems the deals that only need cosmetic work move quickly, however the full gut rehab deals tend to linger a lot longer and I'm sure are selling for much much less.

My question to the experienced rehabbers is this: Do you prefer what would be considered a full-gut rehab or a cosmetic rehab better?

To me the pros of the full gut would be less competition, DEEPLY discounted prices, and really being able to see everything (you know plumbing or electrical is done right when it's down to the studs, etc).

The cons obviously are rehab costs are much higher, but if the numbers workout, you could probably create more profit spread if you tailor this to your retail buyer demand in your market.

The cosmetic rehabs would obviously be faster to complete the rehab, cheaper, but I would think you'd likely pay more for the property. You also have the unknown element of what things really look like behind those walls.

So which do you prefer? Full Gut or light cosmetic? Maybe right in the middle?