Updated over 12 years ago on . Most recent reply
FIRST DEAL PENDING! NEED ADVICE
Location: Oklahoma
House: sfr 990sqft 2/1
ARV: 35-45k
Purchase price: 4k owner carry, will pay him after we flip
The situation: I have this house under contract with a 15 day option to back out.
This house had a moderate fire. The current owner bought and gutted the inside of the place down to the studs. They installed a new electrical panel and rewired I think 2 of the rooms already. Also installed new windows. The outside could use some sprucing up, but nothing bad. No framing or rafters are burned, but it's pretty bare bones. Walls intact. I need to know based on your experiences, what the good rehab cost should be on this. We have an idea, but I don't wanna say what we think until you guys who have done it tell us what YOU think. Thank you in advance!
URL TO PHOTOS
Most Popular Reply
Sure, maybe the drywall quote was a little high. Maybe you can knock off $10k from my estimate. BTW, I was judging framing from what looks like a burnt rafter in the pics.
Maybe you don't hit any bumps in the road and you hit every estimate on the head.
At the end of the day you still have $30k+ into a $45k tops home. I guess it could work but I don't think I've ever done a flip with sub $10k profit margins.
If this was a rental and you can expect $800 - $900 in rent then we have another story.