We are contemplating purchasing a property that needs rehab for a flip opportunity. It is a 3/1 833 sqft slab home. It is next to a condemned house on a decent up and coming street. 80% of the homes on the street are in good shape and well cared for. The numbers for the deal are:
24k purchase price.
The numbers are decent for this but the only issue is the condemned home next door. The condemned property is not in terrible shape. Actually it is in similar shape to the one we are considering.
Buy or pass?? What would you do??
See if you can swing both homes. Either that of start working on seeing if the other one is for sale and try to buy it when you are done with this one. You might be able to bring the price of the whole block up by getting rid of an eyesore and having 2 freshly rehabbed homes right next to each other.
@Kevin Harrison That is a good idea, thanks! The next door condemned property was for sale last year for 80 and dropped to 65k. I plan to do some research on who owns it. I assume they would still want to sell.
Good luck with that one. Sounds like a great deal. Keep us posted and post pictures.
I would think a condemned vacant neighbor would be better than an OO with junk everywhere and loud dogs!
The deal on it's own sounds decent as you know. Would you plan to keep it as a rental or flip it @Ryan Billingsley ?
@Steve Vaughan Flip. I agree with you that the condemned house next door will be rehabbed. It is just a matter of when.
I mean clearly they are not doing anything with it other than paying the taxes.