I have been looking at properties and this one caught my eye today, I am wanting some opinions from others. It's a 2 bed 2 bath, 1602 sq ft home in a nice neighborhood where house sales average 180k. It suffered flood damage from hurricane Irma. All bad drywall has been removed according to the description and pictures. The rest of the house looks good from what pictures show, even the tile floors. The listing price is $89,900. The sellers estimates are 30k-40k in rehab and ARV 179k. An additional bedroom would be a good idea if it fits. The house sits on the creek that the subdivision is named after. Any opinions are welcome, I really like the look of this house and I feel like it could look great with some work. This area has under three months of supply and this is one of the nicer neighborhoods in it.
Pictures that look good, and a seller estimating repairs are the two most unreliable sources.
Go look at the property, with a contractor and get a real estimate on repairs. Flood damage can leave many things damaged that you wont see till its opened up. I am not sure how bad the flooding was, but honestly there is no way to know without going into the property.
This is also going to be a concern with resale as flooding that your aware of will have to be disclosed.
Not sure if that architecture is common for the area, but it looks slightly weird. If its an oddball home design, it adds to the difficulty finding an end buyer.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!