Deal in Vero Beach. Advice welcome!
I have the opportunity to pick up a 3/2,1300 sq ft. home with an attached 1 car garage home in the Vero Highlands area of Vero Beach, FL from an estate sale. It was built in the late 70s and it's a brick house that sits on a 1/4 acre lot. It's not going to win any beauty contests, but it's not a bad looking house either. It does have a brand new roof, but from what I understand It needs quite a bit of work done to be rent ready:
- Needs Central Air installed. I think the ducts are in and only unit needs to be installed, but then again, maybe the whole system needs to be replaced (don't know yet)
- It is not connected to city water, so that would need to be done. Don't know what's involved with that but I suspect it's not cheap.
- Carpet / tile throughout
- Updated kitchens and bathrooms.
- New driveway
- Water heater is jimmy-rigged to 2 110v outlets. This needs to be corrected.
- Electrical outlets throughout may need updating
Not knowing the first thing about rehabbing, my simple question is what should one expect a rehab project like this cost? Especially the whole getting city water bit. I imagine that will require digging up the yard and what not, which means I will also have to pay someone to come re-landscape at some level, am I correct?
He's a very motivated seller and I know I can buy the house at 20-30% of ARV. If I were a savvy guy, what should my next steps be? What questions would someone smarter than me ask? I have the cash for the deal and can close the deal on a whim, basically. Just don't know if I should...
What do you think, BiggerPockets?
Most Popular Reply
If its really at 20-30% of ARV you should probablly purchase it quick.. these deals do stay around long, why not wholesale the property to someone who has more experience and just pocket a little bit and move on..
is the property on a well? is there water near by?
water heater work isnt too much,
kitchens and bathrooms, need updating? gutting?
carpet/tile is easy..
why does it need a new driveway? is there foundation damage to the property?
Just depends on if that 20-30% ARV is correct or not.. dont even know where vero beach is but most of florida is pretty hard hit.. just make sure the ARV is todays ARV! seems like a winner to me?