Foundation Issues! New to investment properties

[Jenna Kelley]

I acquired a residential property when I purchased my business. The property has been vacant for over a year and is in terrible shape. The foundation has a crack where you can see they tried to put tar or flex seal over and there is heaving in the floor. I'm just trying to decide if the home is worth fixing and renting or do I just cut my losses and tear it down and use the property for other purposes. I paid $165,000 for the 1600 sq foot home and I'm assuming I will have to put at least half that much into repairs as there is severe damage to floors and walls as well as black mold. If the house were in perfect condition, it would be worth around 250-275k but as of now, selling isn't an option because we may use that property in the future for our business. Any ideas or suggestions are welcome!

[Mason Jacobs]

@Jenna Kelley I just commented on another post about this as well, but if you are having foundational issues, do not call a contractor I would highly recommend calling a structural engineer as they are going to tell you exactly what needs to be done. That might mean only pain $10,000 rather than $25,000 that a contractor might quote you. Sorry to hear you're going through that situation. Another thing is if you have black mold and you gut the property make sure you clean the air as well as you will still test positive for black mold, the spores can be floating around in the air still even if everything was removed!