All Forum Posts by: Dawson Foley

Thanks for the reply. It has taken me a few days to start narrowing down some of the costs between the two options. This house has a lot of underlying issues. I’ve calculated 19 floor joists that need to be replaced. Many of the joists were rotten. Lot of moisture rot and termite issues. Block foundation is cracked and chipped out in many places. Floor needs to be jacked up in several places and a load bearing wall replaced which has caused much of the floor sagging. A lot of this I am capable of doing myself to save money. However, there is a lot of time involved in working on this house. While it may be a more cost effective option to rehab this house, I am trying to narrow down how much more time it will take to fix these issues. 

I am looking for advice and tips for a home I recently purchased in the Triad NC area. The home is a 2 bed 1 bath connected to families land so I have been looking exclusively to rehab and rent this property without considering selling because of location. I own the home but it is an 1940’s built house that was moved to its current location in the 80’s. Septic tank, knob and tube wiring, plastered wire mesh walls which I have removed from the studs. Moisture rot and termites have done a number to the house. By the looks of it, nearly half of the floor joists need to be replaced in the house with an extensive amount of repair done overall. New roof and siding is needed, as well as all new electrical, plumbing. The list goes on. With that said. I paid nearly $35k for this house, what is the best option moving forward? To continue the rehab on this house  or should I consider the option of building a new, affordable home? (And potentially upgrading to a 1.5 -2 bath) With both options considered. A new home would require the building process of course and cost more overall, but require less maintenance and hopefully bring in higher monthly rent. Thank you for any feedback on this. I am considering both options, but i am stuck. What’s the best way to determine which option is more valuable in the long run? As I do not wish to sell this property in the future. Thank you.