Property Manager · Oconee, IL · Member since 2014 · 536 posts · 202 votes
I have been looking at duplex. It is an older duplex, Early 1900's. The numbers overall are looking good. Until we had the inspection, then the inspector pointed out the foundation issue in the basement. I had not been down there, until after the inspection.
That is where the pictures came from. The home inspector labeled the foundation "A-typical" and recommended a foundation expert do an inspection.
The owner discouraged me from getting the additional inspection, because all of the basements.
I insisted that we get the inspection and a bid.
The email from the foundation expert is mostly here. Total price about $16,000. The current owner is saying don't worry about the foundation. It is fine, and just leave it.
Seem like this is very important, and the current owner is trying to unload this quickly without doing any of the work.
@Kishore P. thank you for your input. I have gotten emotionally attached to this place, that is why I wanted to reach out to BP community for clearer minds.
I was fairly tired when I wrote the original post. I realize I left a lot of holes.
I plan to use this as a Buy and Hold
It has 1 unit filled with the tenants are paying $500 a month.
I estimate the ARV to be $30-$40K, which is typical in this area.
I offered him $22,500 cash, with a contingency in the offer.
Which to me signals we need to change the offer to about $6-7K.