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Updated over 15 years ago,

User Stats

20
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0
Votes
RBH B.
  • Real Estate Investor
  • Raleigh, NC
0
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20
Posts

Need advice from Rehab experts on what to do??

RBH B.
  • Real Estate Investor
  • Raleigh, NC
Posted

Okay, so we had an inspector come out to my fathers home that is very distressed. We own the land and home free and clear so we do have investment in it.

However, it looks like ( from the initial inspection), we have a myriad of problems, mainly cracked slab which has caused the brick to fall apart all around the exterior of the house in sheets, almost all of the interior walls to crack and have water damage, a HVAC system that needs to be replaced, a plumbing system that needs to be replaced and an electrical system that needs to be replaced, not to mention the mold and termite damage.

I have not had an appraisor out yet, so I don't know the current appraisal or ARV, I can guess based on land and sales comps alone, but, the house will probably need to be built from the bottom up. The slab/foundation work alone will probably be around $40,000- $50,000. Total I am guessing about $100,000 to rebuild this home, which is what you would need to do, trust me- nothing is salvagable even the inspector commented that it is one of the worst he has seen and he has been in the business for 20 years.

My question is, as a rehabber, would you even want to put that investment into it when your comps top out at $140,000 for sales in that area? What would you do?

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