Previously undetected issues on cash only deal

[Michael Donatucci]

Hi ll,

I am closing on a cash only deal in a couple of weeks in a very hot market in Philadelphia. The property closed showings after 72 hours, and called for best and final within the next 24 hours. Knowing this I brought a contractor with me. We walked the place and he said it would cost $40k-$50k to repair. I used $55k as budget for offer. I did another walk thru yesterday, broke down the numbers and now we are looking at $75k. I'm not a happy camper. Anyway, there are a couple of issues that concern me. Dampness in basement, step like crack in stucco in back, 2 small leaks in roof - I also want to know whether a wall is load bearing. Should I call a home inspector, structural engineer, or should a better contractor be able to tell me?

[Che Chiu Wong]

Home inspector can help. ($300 in your area?)

Step like crack in stucco are usually not as bad as step like crack between bricks.  

Obviously hard to judge without the breakdown, but 75k sounds high in Philadelphia.  Is it a high-end flip?