Updated over 5 years ago on . Most recent reply
CapEx before purchase?
Ok. I'm slowly approaching close date on a turnkey property. Price was $91,519. Bank appraisal came it at $98,000. Looks like I got a good deal. My question is, while it's being rehabbed, I was considering having them re-pour the cement in the back driveway area and parking area next to it. It's cracked and weeds are growing out between the seams. Nothing major. They got bids and one came it at $9,000.
Should I have them fix this?
I read I could only deduct $2,500 if this. True?
Would I force appreciation with this repair?
Or does forced appreciation come only with improvements?
Or should I save that $9,000 to put toward my next deal?
Would this work justify a slightly higher rent?