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Updated over 1 year ago on . Most recent reply
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Can anyone help me guesstimate needed amount for repairs from these photos?
Hi all,
I am strongly considering purchasing a particular property as an investment. It is a three-family (3/2, 3/2, 3/1) in an area that is undergoing a major revitalization project and is relatively still affordable. It's in a walkable neighborhood filled with restaurants, bars, and stores. I just don't want to get in over my head and so if people who are more experienced than me can tell just be photos if this is a "no go" right at the outset I would be very appreciative. I am not local, so I would have someone I trust go and inspect the property if people feel it has potential at the right price.
It is currently for sale for $99,000. However, I would try to offer less due to the condition of the property. I already know, and someone else confirmed, that the exterior windows alone would take $10,000 or so to replace and are likely leaded/have lead paint. This is an older property that needs an extensive rehab.
Any help is appreciated.
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not local=no trusted contractor=don't do this.
whats your exit plan? Condos or rentals? What would the units rent for?
At this level of renovation also assume that you may face upgrading requirements like sprinklers (40K) or what have you to get permits.