Updated over 8 years ago on . Most recent reply
Duplex with Foundation Issue
I'm considering buying this duplex. https://pittsburgh.craigslist.org/reo/6107512007.h...
It's almost completely gutted besides 1 kitchen and a bath. It's a 2/1 on each side. The back portion of the house is an addition, and the foundation is caving in. When I first saw this, I pretty much decided I was not interested. But after I talked to a foundation guy, he said it may not be as expensive as I think to fix. He came back with a $2700 price to remove the block and pour a new foundation with new supports so it shouldn't bow again.
Here is a quick break-down of the costs I'm expecting:
Roof-6000
Electrical-7500
Foundation-4000(just going high here)
Drywall-4000
Flooring-3000
Plumbing-2000
Kitchen/Baths-10000
Misc-10000
So a total of around 50k in rehab costs. The only thing that scares me is the foundation. But if I could pick it up for 10k, I'd be all in at 60k. And I think the ARV would be around 100-110k. Rents would be around $1200 combined. Let me know your thoughts!