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Updated almost 10 years ago on .

User Stats

16
Posts
3
Votes
Marcus Coleman
  • Rockville, MD
3
Votes |
16
Posts

Gutted House Flip

Marcus Coleman
  • Rockville, MD
Posted

I found at gutted house (1675sqft) in a nice neighborhood for $60k. I plan to offer $50k, and I'm guesstimating $50k total for repairs(as did my realtor who used to flip houses) but I'm new to this so I'm not sure how accurate that is. I plan to get a real number soon, either from a designer, contractor, or otherwise.

The ARV is $130k based on comps.

FYI, the house has a new roof, electrical, plumbing and furnace. It needs drywall/insulation, flooring, a complete kitchen, and new windows. There was also a new deck put in. It's a foreclosure, and the bank did all this work. It was gutted because of mold, which is why they put in a new roof and whatnot. No idea why the bank added the deck, though. It's been on the market for about 2 days, and the listing agent says there's a lot of activity(not sure how true that is).

What do you all think about this house from the information given? Is there any other info you'd like to know? Should I go for it?