I’ve found an ideal 3bed/2bath home in the Memphis area that I would like to purchase and renovate. I’ve looked at the comps, rental estimates, neighborhood demographics and everything so far looks good! My only concern was that there are several moderate size holes in the roof.. Water was puddling on the living room floor when I viewed it.. I didn’t see any water damage to the walls. Could this be an easy fix with a new roof and carpeting, or should I reconsider??? I’m definitely thinking about coming in 10k lower than asking price to possibly help cover any unknown costs!
Roof repair or replacement? Definitely check out the attic space for mold or other damage. Sometimes water pools up there.
Have you done anything like this before?
Water tends to rot stuff - so the extent to which the rot and 'hole' that you mention, in the roof and floor- will drive a lot. More than likely you'll have at the least replacing some roof sheeting, the roof (ie: shingles) as well as the floor and the sub floor. It's impossible for us to know the extent of the damage to the structural members (rafters, trusses, and then floor joists etc) and that will impact how extensive of repairs are required.
If you've never done anything quite like this, I'd be concerned.
It doesn't sound like this is a good first project.
Do you have any images you can share?
This will allow us to better understand what you may be up against. Although, if this is a first attempt, I would be extremely cautious and would recommend a few contractors make bids on the repairs either before or during escrow.
Typically, repairs are signs of an opportunity to negotiate — only if you know what your getting yourself into.
To your success!
If it's not slab construction, I would step on the floor where the water was to feel for soft, rotting wood. Almost guarantee there is mold and other rotted wood from multiple holes in the roof. Water problems don't scare me away but they are almost always more expensive then they appear. 10k is an arbitrary number. Get bids and an inspector.
With all the neglected maintenance, you probably have quite a bit of negotiating room on this one.
@Tiffany M. it woulnd't concern me a bit. I would just figure it into the cost. I dare say most of the properties we acquire have some type of water damage.
Ned I know we don't all have the luxury of picking the perfect way of acquiring learning opportunities, but I'd be very careful if I was OP about this type of damage if she's never managed a project that involved for instance replacing sub-floor and flooring (and possible structural roof members, roof sheeting, and shingles).
From the nature of the question I'm not sure that the foundation is there to be successful. Not for me to say and I don't feel I have enough info on OP's background - however the 'full steam ahead' mentality comes with (earned) experience, which you may have but the OP may not.
@Tiffany M. It’s hard for anyone to give you sound advice based only on the info in your post. If the roof just started leaking, it could be a relatively easy fix but on the other hand if water has been infiltrating for some time you are likely looking at major mold remediation and damage repair that could get very expensive. Also the plan for the property is important to know: for example if you’re doing a full gut rehab then it’s not a big deal, however if you have a limited repair budget it’s a very big deal. A good next step for you would be to have a contractor or inspector go check it out with you and give you an estimate for repairs before you make an offer. Every time I’ve ripped into water damage it ends up being a can of worms, so I’d say prepare yourself for an expensive fix, but hard to say without seeing it.
Originally posted by @Ned Carey:
however the 'full steam ahead' mentality comes with (earned) experience, which you may have but the OP may not.
Very good point. I should have worded my post better.