Help with ideas on strategies
Ok, I'm gonna start asking questions.
2 years ago I rehabbed a house by bosse high school (Washington and 41, east side of 41).
700 sqft 2 bedroom 1 bath
Repairs came to roughly $30k (strip to studs, all new everything plumbing/wiring/drywall/roof/windows/etc...)
Assessors site values it at $49k. Currently rents for $700/month. That's my comparitive house.
I can pickup a clone a block away on the same street for $7k but it will need the same extensive remodel. I can definitely drive the remodel costs down to around $20k.
Do I rent or flip?
The 6 months I was working on the comp house, I paid attention to the quality of the neighborhood and even stayed late a few nights to get an honest feel for it. It's a quiet street, unbelievably.
If I go for the flip, I would try to push it for $60k. I am thinking pay cash for the place, pull a loan for the rehab.
This site has given me so many ideas, and so many strategies it can be hard to narrow down what to do.
Is there any good websites to get home values from? I've read that you can't trust zillow to much, and neither the assessors site.