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Updated about 4 years ago,
Potential Structural Issues on my first property! Any Advice?!
My wife and I are currently under contract for our first rental property. The property is from the 1930s - two structures on one parcel of land. It has been completely renovated on the interior by previous owners (flippers) but after the inspection we found some structural issues on one of the structure and evidence of a fire in the attic on the other one. We plan on hiring a structural engineer to come out. But we would love your guy's thoughts about the issues!!
1. Structural Issues - Walls out of plumb, some interior cracks, and some temporary structural work to the foundation in the crawlspace by current owners.
2. Fire Damage - Limited to the attic and structural supports were added by the current owners as well.
Other than these two problems the property looks great and appears to be under market value. But would things like fire damage and structural damage affect the appraisal value?
Any negotiation tactics we can bring back to the seller?