Maybe this is a better place for my question:
One house I'm looking at is listed at 160,000. The outside looks very nice for the area, which is probably middle to lower middle class. Neighboring houses are similar, and just a block south, becoming intermittantly shabby, but north, a few hundred feet away and on the other side of the street, is the "better" part of the subdivision. The houses north of this one are also nicer.
It is listed as a fix-up, and even for a rental would need, at the very least, work on the kitchen. It's been painted and the flooring--both carpet and tile--looks okay, both bathrooms would need some work. The rental agent said it would rent for 850 or so, (after kitchen is fixed) and I take that to mean 800-850.
Actually I'd be interested in it for me. I'd put in a nicer kitchen with drawers, rather than shelves for the lower cupboards, and probably install in-floor solar hot water heat and hot water system, and have tile installed.
It's a small 3/2 1100 sq'. The exterior needs painted, but that doesn't need done immediately.
I KNOW this is almost impossible, but can anyone, in your experience, give an idea of the LEAST I should expect to pay for this work, which I would have to hire? And of course, if my offer is accepted, I would have a full inspection done.
The things _I_ would do
--new kitchen about a 9x12 rectangle) ,
solar heat and water,
bath repair, possibly cosmetic, and
A big concern is that it was built in 1972, so upgrading the plumbing and electric may be necessary. Does that mean ripping them out or what, and how much can I expect for that--or is it just a new meter box?
What would you all consider offering?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you