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Updated almost 5 years ago on . Most recent reply

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Bonnie Low
#1 Medium-Term Rentals Contributor
  • Lender
  • Asheville, NC
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Big stucco problems! What are my options?

Bonnie Low
#1 Medium-Term Rentals Contributor
  • Lender
  • Asheville, NC
Posted
We are in CA looking at an 1,100 sq ft home in the $80,000 range to flip. Comps are about $140,000 so there's a decent return, but it's not huge. But the house is stucco exterior with tons of cracks in the stucco that have to be repaired. 2 stucco Contractor's have quoted us $12k - $15k to sand blast, patch, apply a new "brown coat" and finishing color coat. This blows the deal at this price so I'm wondering what my options are? Placing siding over the stucco is a possibility but the expense could be just as much as the stucco repair. Is completely removing the existing stucco then re-stuccoing a cheaper option? I'm considering walking away from this deal but the property is about due for a price drop based on days on the market so I want to fully explore my options before we walk away from it. Stucco is new to us so we could use some advice from BP folks.
  • Bonnie Low
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    Manolo D.#3 Contractors Contributor
    • Contractor
    • Los Angeles, CA
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    Manolo D.#3 Contractors Contributor
    • Contractor
    • Los Angeles, CA
    Replied

    All advices from outside CA is irrelevant, you are in CA, and I would say you can go lower ONLY with an unlicensed contractor. For your scope, it's reasonable, tad high but without looking at it, it's on the ballpark. You can caulk but that's a mickey mouse style repair, arv seems very low, I suggest you pass.

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