Fire Damage: Yes or No

[David Hunt]

So, I have come across an investment opportunity with a property that recently caught fire. Before the fire, the house was completely remodeled. The fire was upstairs and I would estimate 20% of the house was affected. It is a 4 bedroom 2.5 bath and in an area where alot of big single family homes are converted to multi family apartments. The list price is 20k and ARV is 115k with comps in the area from 100k - 137k. The market area is somewhat thriving but there has been a few houses not selling. My plan, is to obtain the property through a hard money loan, restore fire damage, convert to a double consisting of 2 2bed 1bath apartments, and sell to an investor that is a landlord. Do any experienced investors have an opinion on whether this is a good or bad idea?

[Shawn Thom]

How seasoned are you as a rehabber? Fire damage is not for the faint at heart or the inexperienced.