AMAZING deal, 20% lowball accepted, but has big mold problem.
Hi everyone, this is my second post. A few months ago I was going to buy a rental property which fell through, but then an opportunity came up today where a house that my dad bid on before seeing it (bad decision to not look first, the house was completely molded on all the walls, ceiling, and floors and has some leaking roof problems.) but he got an offer accepted for a massive low ball bid (was listed for 110K but after he notified them of all the mold they accepted his new offer of 20K, bank is in a different state.) The house is a quadplex (5K per apartment isn’t bad..) and is on a corner lot right by a college, high school, and downtown. The exterior walls are all in great condition, and just had all new siding and windows three years ago.
This house is definitely within my price range as I’m starting out as a college kid investing, so funds are low. The price is an absolute dream of a deal for a quadplex and I’m somewhat starstruck, and my dad offered for me to take the deal instead and I could do all the renovation. My question is will stage 3 mold be such an issue that it would make this deal not a wise investment? The foundation seems to be in an okay state from the report, but all the drywall, carpet, and ceilings have visible mold. My plan would be to remove all sub-flooring, drywall, and ceiling and just redo all of that. I could do all the labor myself, so my question is would the mold be a bigger problem than I’m worrying and make the property unsalvageable?
If it’s not a lost property due to mold then I think I’m sold on the deal and will make it my summer project. Just wanting to make sure I’m not getting into a really bad situation as I’ve never dealt with bad mold.