I Need More Help!!! Question about rehab

[Karen Hurd]

I'm a newbie and I have a newbie question. Okay, as you prob know, the "Sandy Houses" here on Long Island are going up for auction. The Big Tim Investors have been chatting about this like a bunch of old hens!! Anyway, A property close to the area of Freeport/Long Beach (where Sandy hit hardest) is not on MLS yet and was given to me. It's in a very affluent area, on the water, with great schools and all that Freeport/Long Beach does not have.

The realtor who offered me the property said that it needs one of 2 things. Either 100,000 worth of work or to be torn down and made into a mansion. 

I'm wholesaling and I haven't come across this scenerio before. How can you run numbers taking off 100,000 for rehab?

I'll take all the advice I can get!!

Thanks in advance,

Karen

[Travis Boyer]

I agree with @Blair Poelman  The bigger the house, the bigger the asking price, the smaller pool of end buyers you have...which means it will sit on the market longer which will increase all of your holding costs that on a property of that size won't be cheap!