Is peeling lead paint a deal breaker for a fix & flip?

[Kim Horn]

Have not yet made a purchase. However, my husband and I have toured several homes and found one that shows a lot of potential. It was built in 1900 and has lots of character that just needs to shine through the decades of love. The problem is that the house likely has lead paint on the exterior and the interior and the exterior is peeling badly. The asking price is $133,900. The ARV according the our agent is $250K. I have read that abatement for lead can be in the $10's of thousands. It is a two story home (1450 SF) with 3 bedrooms 1 bath with a full unfinished basement and a small house 1b/1b with a full kitchen out in the back that could be used as an income generator for the new home owner. We are worried that lead paint that is in bad shape might be a deal breaker for our budget. Does anyone have any insight on the cost of dealing with lead paint and does the federal government offer grants to help with the costs? Or maybe the state (Oregon)?

[Account Closed]

Lead base paint could be a nightmare.

You need to spend more money to hire lead based paint certified license contractor to do the work. Otherwise, government could give you a big fine.

I read stories online that some owner get fines for the government like $32k or $50k that they didn’t hire the lead based paint certified license contractor to do the renovations.

That’s why I’m not buying any properties built before 1979.

Google it yourself online, and you will find more information