Inspection

[Kay Rock]

Hi all,

I just got the inspection done on duplex that I had on contract on for about 5 months ( its a sort sale). The duplex needs a new roof, new windows, update with the electrical outlet, it has termites and moisture damage (possibly molds) among some other things. When I ran my numbers I added $10,000 for repairs, however, the roof alone will be approximately $14, 000. There are not too many duplex in the area , so not too many comps. Im getting the Duplex for 225K repairs will be about 30K, taxes $5200. It rents for $2700, should I go for it?

[Adam Abdel-Hafez]

Hey Kay,
Where are you getting your numbers from? $14k is a lot for a roof on a duplex, that doesn't sound accurate. The mortgage underwriter stated they need new window? That seems unusual. Termites also may not be a large expense, it depends on how far they traveled as well as if they are active or not. If you have a moisture problem, that means water is getting in somehow. You need to find the source of the water, repair it, and make any necessary repairs to damaged Sheetrock, etc. Since you stated the roof needs to be replaced I would assume that has something to do with the moisture problem.