condemned property

[Cynthia K. Anderson]

Hi BP, I have questions about buying a condemned property and need some advise. How much is too much to pay for one? The owner lives in California and didn't realize the property manager let it go. I have a team who will tear down and rebuild on the property. The property is in a fairly nice neighborhood no squatters and its only been condemned for 2 or 3 months. No liens against it. I have read that condemned properties usually sell for as low as 3k to 5k. 

[Michaela G.]

You could take out the only toilet in a house and code enforcement would then condemn the property for being unlivable. A new toilet is $ 100

So, it being condemned doesn't mean a whole lot. Look at it like any other rehab and see what needs to be done and make your offer based on that.