Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago, 09/21/2016

User Stats

26
Posts
12
Votes
Marc Woodward
  • Albemarle, NC
12
Votes |
26
Posts

What do I do with this nightmare property?

Marc Woodward
  • Albemarle, NC
Posted

Hello folks, this is my first post and I would really appreciate some thoughts on my situation...  I could probably write a novel on the backstory, but I will do my best to stick to the relevant information...

I own a house in Matthews, NC (Charlotte market) that is in very bad condition.  It needs HVAC work, band sill repair, it has a soft floor in one bathroom while the other one is half finished.  It needs ALL flooring, needs all new Windows, could use a new roof, needs to be painted, needs a kitchen remodel and the detached garage is literally about to collapse and needs to be torn down.  My rough estimate is that it will take around $60,000 to make the house right.

The one thing this house has going for it is that it is in a very good location where there is a shortage of homes for sale.   I owe $115,000 on it and eappraisal website estimates its value at $165,000.  Zillow says $182,000.  

We no longer live in this house as we have bought another and moved the heck out.  It has been empty for 1 year.  The mortgage is current.  What should I do with this thing?  It is way too messed up to rent and I don't think there is any money to pay a real estate agent commission if I want to sell it as is, not to mention its condition would disqualify most buyers.  Any suggestions?  I am open to all ideas.  Thanks, Marc

Loading replies...