Elevating Homes After Flooding

[Brian Loper]

Hi All,

I'm one of the new guys on the block and trying to spend time everyday analyzing deals to get familiar with what is a good deal or not. Hurricane Sandy has left behind, what appears to be a fair amount of homes that have been damaged and are now on the market for next to nothing. 

Most of these homes would need to be elevated from its original foundation. How costly of a process is this? Has anyone done this? Is it wise to stay away from projects like this because some may ultimately be a tear down or is this just considered a bad invest deal?

The properties are all under $50k and probably won't go for more than $170, but that is just a newbie guess. Just seems like it would be good to help rebuild the community but obviously would need to make financial sense.

Any info would be great!