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Updated almost 12 years ago,
Need some help on foundation problem / opportunity
Have a chance to buy a duplex. One side is a 4/3, the other a 2/2.
Here's the issue though - the foundation is off the charts bad.
Seems like one corner has dropped about an inch.
And the other side seems to have fallen and then dipped in
the corner.
The opportunity is that these were new construction townhomes.
They're in unbelievably condition. But the foundation has caused
some cracks in the drywall obviously and the thing needs to be fixed.
Here's my question. Can any foundation problem be fixed?
If so, what are some of the absolute highest estimates you've ever heard of or gotten for a foundation problem? You're probably talking about a foundation for 2,500 to 3,000 sq ft total for the basements of both units combined.
Its got two sides that have fallen.
The good part is that the 4/3 is probably worth 150k and the 2/2 probably worth about 100k. Both are today's numbers.
The other nice thing is that this thing is on a golf course and in an HOA community with a great clubhouse, pool, etc. HOA fees are pricey at $175 per month.
But the view is tremendous.
My plan was to sell the 2/2 and then keep the 4/3 as a rental.
My hope is that the foundation work comes to no more than about 50k so that I can be all in on the 4/3 for about 75k and the 2/2 for about 70k.
Even if I could quick sale the 2/2 and break even, if I can walk away with the 4/3 at 80k or better, it would be an absolute gem to add to the portfolio.
One neat trick is that the bank won't sell them separately so I don't have to worry about competing against an owner occupant. They have to be someone that can pull the trigger on both.
So can anybody throw out some numbers of the most expensive foundation estimate they've ever heard of or seen?
I just found the thing today and am working on getting some estimates asap. But I thought I'd float this one out there to see what kind of worst case scenarios might be there.
Can anything be fixed for 50k? 60k? Are we talking it could reach numbers of 100k?