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Updated about 2 years ago on . Most recent reply

User Stats

2
Posts
0
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Cory Chaney
  • Flipper/Rehabber
  • Statesville, NC
0
Votes |
2
Posts

Restoring and renovating a Historic home

Cory Chaney
  • Flipper/Rehabber
  • Statesville, NC
Posted

I am looking at potentially putting a historic home built in 1900 under contract for assignment. It definitely needs alot of work. The roof and HVAC is good but I believe everything else would need to be updated including some foundation work(on crawl space). It's in an older city called Statesville in North Carolina founded in 1789. I know I could probably get it locked up at 120k to 140k and the ARV is sitting around 500k plus. I think it could be a great deal for the right investor but I am not sure how to accurately calculate the Reno cost with a historic home such as this. It is 3200 sqft. Does anyone that has experience renovating historic homes located in historic districts that can give me a rough idea on the additional costs associated with them? and any other insights would be greatly appreciated as well

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