Please evaluate this DFW possibility

[Jessica G.]

Hello,

Asking: $135K

ARV: $185K

EDIT: Reviewing comps, might be closer to $200K.

DOM: 30

Seller has several active offers he/she is considering. At least one contract has been canceled because of the inspection, which I have reviewed. I am looking at the house today and might make an offer (if we got it, we would flip it).

Needs: New roof; possible foundation work (needs engineers report); possible plumbing work (old copper pipes); possible HVAC (has gas central heat and window ACs, would need central air, but seller may be in the process of updating) complete indoor rehab including floors; counters; light fixtures, refinishing cabinets; painting or otherwise fixing wood paneling.

I am estimating the rehab at $25,000 at the low end and $55,000 at the high end (if it needs a full set of foundation piers, etc.)

DFW is a very tight market these days. 70% might not be realistic.

What would you offer?

[Jessica G.]

UPDATE: We looked at the property, and it would have been a fun flip, but we ended up not being able to make an offer. They wanted way too much money for a property that was at extreme risk of big problems because of chronically deferred maintenance. For example -- the sellers' roof was ruined in a hailstorm a couple of years ago. They took the payout and kept it instead of fixing the roof. There were lots of obvious problems like that, which makes you worry what you'll find when you start opening up walls.

Also, the listing agent was ...um... not an affable guy. He refused to present an offer with an option period longer than seven days, even though a previous inspection flagged the foundation, plumbing, gas lines, electric, and more as needing to be checked. Plus, he kept asking us if the amount we wanted to offer was our "highest and best." YES!

So -- no problem -- we'll find something else!