Repair or demolish/rebuild?

[Stefan Forsberg]

Just a quick question for you seasoned rehabbers and flippers. Certain neighborhoods here in the Dallas area have houses listed for below 15K, they are in pretty bad shape for the most part a complete gut job. The layout of the homes are alright, traditional 3/2 homes most of the time without a garage (if there is one it is usually freestanding).

These neighborhoods are being revitalized, some homes are remodeled with the latest amenities while keeping the original charm of the house. Others are being torn down and replaced with traditional brick homes from various builders.

Maybe I am being way to sentimental but I love taken the old rundown house and modernizing it with all the latest technology while still making it look "Old style". I really dislike the new boxy looking brick homes but if it makes financial sense to tear down and replace maybe that is what one should do.

What are your opinion on this, is it worth trying to salvage the "old style" look or does no one care anymore? (note that these homes are not in a historic district).

[Stefan Forsberg]

Hi Jon,

More like McKinney, there are lots of streets between 5 and 75 in the older parts of McKinney where the homes that are rehabbed or rebuilt goes for the low 100's and you can pick up the older ones for 15-17K, I know they are in bad shape but with 45K you can work a lot of miracles on a 1300 Sq. ft home..

That would put you in at or around 70-75K with all the closing/rehab/insurance/selling costs and an ARV of 100-110.