This property was brought to my attention as a possible investment. This would be my first attempt at a BRRRR and would like to get your thoughts on it. What would you offer? How much would you expect to spend on rehab, etc. or would you let it go and move on?
It is in a very nice and growing community. Would be framed as a 2 bedroom, 1 bath home and could get $850-900 in monthly rent once complete with tenant paying utilities. The home is 760 square feet. Please see pictures and video below!
This property currently belongs to an investor that I write insurance for and he knew I was interested in starting real estate investing so he said I can give this one a shot and to make him an offer. I got an estimate to update the crawlspace, foundation, exterior walls, subflooring, framing, and to remove old electrical for $26K. I or close friends/family are able to do the electrical, insulation, finished flooring surfaces, drywall, roofing, and painting. Still need to get estimates on HVAC and plumbing. Anything else I'm missing here I haven't listed?
It appears you cant post a video. The video contains all of the interior. I will go back to the property and grab photos of interior for everyone to see later today.
Hmm.... I’m not sure on this one. Is the location good? Like close to everything good? What’s the lot size? Is it a structure on another homes property or a parcel of its own?
looks like some windows have been replaced so figure in replacing any others that need it. It’s definitely a project that’s for sure and you sound like you have skills to tackle 1/2 of the job on your own DIY style so that’s a great thing. Nothing like some sweat equity to get you a jumpstart on positive cashflow. Just make sure your numbers are good get another estimate for everything you already got an estimate for just to double check. HVAC will be pricy... the unit, trunk line, ducting and vents I’d say around 10000 for the whole job unless I’m missing something and you already have a trunk and ducting somewhere. Plumbing shouldn’t run too much. Anyhow it would be a cute little place but definitely a big job. Run you numbers two or three times at various offer price points. Your value now is in the lot, that’s what I would offer him - fair lot price plus 25%. So if the lot is worth 50k offer 65k roughly. That’s what I would do. There’s not much there as far as structure goes that’s in good shape so keep in mind the demo snd haul away costs as well. What does a 1000 sq ft house in the 10 mile radius sell for when renovated?
is it a good rental area? Decent schools? Easy access to highways and bypasses... anyhow best of luck! If you do buy it I hope you share finished pics, I’d love to see it! Good luck