First Time Rehab Inquiry

[Jadon Grant]

Hey BP! Quick Question

I have been looking into a $40,000 duplex in the 44108 Zip and the agent just let me know that there was a pipe burst and the 1st floor has water damage. None of the appliances are turned on so I'd have to do a dry inspection. I may be inexperienced, but I'm worried about possible mold from the water damage or frame damage from the water, and not knowing the state of the appliances and with the other rooms looking beat up, I don't see how this could be profitable and keep it under 75% ARV (Est. 120K-150K). Is this something I should spend time and money getting inspected and quoted?

Thanks guys!

Jay Grant

[Jadon Grant]

Quote from @Caleb Brown:

I would be leery. Water damage is something you won't know till you start tearing things up to see the extent. A GC can say "x" amount but they won't know for sure till the project starts. With you being new I would pass. How is the area too? Seems like it can be a lower class area which means higher holding costs(repairs, vacancy, turnover, etc)

 Yeah, thanks for the advice! We ended up backing out of the contract since the water damage is a little intimidating for first time investment.. Thanks!