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Updated over 3 years ago, 09/11/2021

User Stats

80
Posts
37
Votes
Charlsi Kelley
Agent
  • Realtor
  • Charleston, SC
37
Votes |
80
Posts

Encapsulate a crawl space,New ductwork, rotting floor joists…

Charlsi Kelley
Agent
  • Realtor
  • Charleston, SC
Posted

Hi BP! I am under contract on a property that has numbers potentially good enough for a brrr. We are under contract at 300k and ARV is 430 bast on very similar comps in neighborhood. I had a budget of 30k rehab to do the necessary updates to get to my 435k target ARV. Hone is in excellent shape - new roof, floors are perfect- just a time capsule from the 80s. However, the property has 4-6 rotting floor joists and needs new subfloor in some sections. The cause is apparently long-term moisture damage from the ductwork that runs in the craw space rather than the attic. Yes we are going to push for a price reduction but in your experience should I do all of these repairs all at once before tenants move in? Should I do them in stages after I can save up some cash flow/refinance? I don't believe any of these will add to the value of the ARV:

1. Replace joists, subfloor (appx 14k)

2. New ductwork (8k)

3. Encapsulate crawl space (8k)

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