Thinking Out Loud

[Denny Pugh]

My wife has inherited a townhouse from her mom. Long story short, she lived alone until she passed at almost 90 and at times was quite a difficult person to deal with. She had cats and the smell had been building for years and it was unpleasant to be there for long periods of time. She passed and a few days later her last cat did the same so the townhouse is empty now but it does still smell pretty bad.

Built in 1996 and originally sold for $70,000.00 +/-. The current tax value on it is $104,000.00 and at the market peak they sold for $120,000.00 to $130,000.00 but the last few have sold for around $99,000.00 in move in condition which ours is not by a long shot. Just worn out inside. It is 2 story and just under 900SF 2 Bed / 2.5 bath.

I had planned to just gut the thing and replace everything from the studs out and make it another rental or move there ourselves, but that was at the market peak. Now based on my estimate of $35,000 plus to do this I am having second thoughts due to the current reduction in sales price.

I was wondering based on the information I have given, anyone who buys and remodels, hazard a guess as to what I might expect as a reduced sales price if I choose to just sell it as is ??

JDPugh