Off market deal - 10 years vacant

[Austin Helie]

Hi BP Community,

This is my first post, so please bare with me and help me learn if I make any forum guideline no-no’s.

I recently moved to Greenville, SC for work.

I was driving for dollars yesterday and came across a, what looked to be vacant, 3/2 single floor ranch. It’s in a small neighborhood off a major roadway with the largest lot in the neighborhood.

Called the county tax office to find out who was paying taxes on the property and got in touch with the owner. She now lives a few minutes down the road in an HOA. She moved due to old age/health problems/wanting to downsizing.

She seems interested in selling to me after our preliminary discussion. I peeked in some windows without stepping foot inside after receiving her permission, and everything is 70’s and not renovated, also been vacant for 10 years or so, which has me wondering if there’s potential for mold and any other issues.

Pros:

- Almost 2 acre lot

- Could easily sell off the two side lots for extra cash, or build on them and sell new construction

- Construction of house seems solid; no broken foundation or anything out of place with siding, roof etc upon visual.

Cons:

- potential mold

- Full renovation needed

- Owner may not understand compromise on price due to amount of $ needed to make livable.

Unsure what to offer for deal and how to estimate costs. Based on what I know, I am torn between wanting to remodel completely, or demo-ing the whole house except foundation to rebuild and add a second story. And then clearing side lot to build a duplex.

Any insight on how to proceed, or additional considerations I should be aware of would be appreciated.

Thanks,

Austin