All Forum Posts by: Phil Z.

I have a small amount of experience with this in Bridgeport. .. and they were nice about it.  Everything 'illegal' will have to be removed and everything not illegal will have to be brought up to code.

Whats your game plan?

Just let them know and agree in writing.  If you agree to make the deposit not contingent upon obtaining financing that might help ..

It's not a rookie mistake to leave it at the property.  It's actually supposed to be taped to the window in most cases.

The person that told you to stay away from the $50-150k range is probably making a killing in that range like everyone else .. hence they want less competition.

Higher priced homes can be risky in certain areas because it leaves the end buyer with a lot of options to pick from and you might not have the edge of being the only remodeled house available in the price range.

- Good advice recommending installing vinyl windows in a historical district.  You obviously don't pull any permits.  :-\

- It's really too difficult to say without seeing all the windows. But if 99% of them are fully functional then you might be ok leaving them in place.

- What it sold for in 2004 is completely irrelevant.

- I would not use the appraisal as an ARV. That could easily be an unrealistic maximum dream price.

- If you can't get sold comps within the same complex, then this is a very risky deal.  (You might have better luck at the casino.)

- You need a solid ARV and a solid REPAIR COSTS: i.e. ARV * 70% - Repairs

Your rehab estimate is $25k?  From what your telling me I would think each house needs $120k.

DO NOT put the sump pump in the middle of the basement.  You should contact a local Basement Waterproofing Contractor.  I would budget $6k for a small house.

What they will need to do is break up about 18" of the floor around the entire perimeter, install perforated pvc piping pitched to a corner that has a sump pit and box.  It is all surrounded and covered with gravel and the floor is re-cemented.  The sump pump outlet usually will have to be sent to the exterior yard to be to code.  There is more too it than that, so make sure to have it done professionally.

Depends on the condition of the existing windows.  If they are fully functionally, then you might not need to.  However if they are damaged or just really really old .. I would consider it general maintenance and updating that will eventually have to get done.