Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Houston Real Estate Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 7 years ago, 03/08/2018

User Stats

50
Posts
20
Votes
Travis White
  • Houston, TX
20
Votes |
50
Posts

DOM and Price for Homes Flooded Multiple Times

Travis White
  • Houston, TX
Posted

Everyone knows the market right now is, um, indundated with homes damaged by Harvey. Lots of neighborhoods also took on water during Tax Day, Memorial Day, Ike, Allison etc etc etc....obviously Houston is no stranger to flooding. 

I know its very case dependent, but does anyone have any feedback/experiences/opinions with flipping or reselling homes that have flooded more than once? How has it affected DOM? Price? Other considerations? These day, I feel like a house that just got hit during Harvey doesn't affect buyers nearly as much as homes that have taken on water multiple times. 

My interest, obviously, is looking at a potential flip that has flooded twice and trying to gauge how to account for the impact of flooding in my analysis. FWIW, the events were 1" on Tax Day and 5" during Harvey. Moreover, I'm thinking a general discussion on the topic could be a resource for this ever-so-soggy investing community.

I have some experience, my previous home was located in oft-flooded Bear Creek neighborhood. It flooded in Tax Day and a few of my neighbors sold roughly 6 months after the flood. The neighborhood was in decent shape by that point and the homes were remodeled. In both cases, the sellers got near asking (0-5% less) but did have DOM of 30-45. Lots of lookers, many viewings, but many buyers that were scared away when they learned the house had flooded. After Harvey, most of my neighbors (including myself) sold As-is to investors but the neighborhood has been much slower coming back and many of those flips aren't completed yet, so I don't have a lot of info on how the market is rebounding this time. Again, FWIW, many of the investment offers came from international interests and/or through a local representative negotiating for international buyers.  

Cheers!

Loading replies...