I do have major components to consider: a new elevator, sprinkler system, roofing, windows, ADA ramps, etc and some of the buildings will require a minimum Phase 1 study and likely a Phase 2 in most circumstances.

Some good things about condos are they cost less than homes, they often offer amenities like a pool and tennis/Pickleball courts, the monthly fees may include water, trash and some CAPEX like roof and exterior painting.  

The property just underwent a 50K renovation (foundation, roof, bathrooms, kitchen, flooring, paint, pretty much everything but the AC).

The building is in extreme disrepair and needs extensive work, foundation, full remodels on both units, new plumbing, electrical, roof, and sewer lateral.

Of course the rehab estimate may have been a little high but we're talking 4900 sf of paint and floors, 4 kitchens, 4 baths, a built up roof, upgraded electrical, plumbing, furnace and a 117 year old building.

I verify the roof, foundation, structure and major mechanicals are good, but don't nickel and dime them.  

Talking about concrete in the pipe lines, ripped out electrical, holes in the roofs, destroyed foundation, destroyed walls, flooding the house with water, ripping out and selling all the cabinets, and selling the appliances.

I remember it needs new roof, new hvac system or some other big ticket items.

There's one thing that I'm worried about right now and that's the appraised value.I listed the house at 377K and got an offer at 370K which I accepted.I'm worried now based on the comps of other three bedrooms that sold in the area which sold for under 350k but all were in original condition.The property directly next door to me sold for 365k in which it appraised at but it has one extra bedroom and bathroom which totals 420 square feet more than my house but that property was also in original condition from the late 70s.I did a complete renovation in the kitchen and bathrooms and throughout the house as well as replace the roof and siding and added a screened in porch.If you guys can please let me know if you have any ideas on what the appraiser may look at that can help me or anything I can do to increase my chances of this house appraising where I want it would be greatly appreciated!

NoneI've watched our own home here in N.Fla (1650sqftStick Built Frame 4b/2.5Ba rise since 1995 from $54k to now valued (appraisal last week for another re-fi) @ $298k on 5 acres; we've put on a new roof, upgraded A/C units, & done some BASIC landscaping...nothing more;An adjacent 7.5 acres purchased same time...raw land...1.4K per acre...then, $14.5 k value now(at least, several comps locally exceed this figure...hmmmm?)