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Updated almost 8 years ago on . Most recent reply

User Stats

12
Posts
1
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Sharon Sweeny
  • Minneapolis, MN
1
Votes |
12
Posts

Help with First Deal

Sharon Sweeny
  • Minneapolis, MN
Posted

I'm a new investor and I've come across a distressed home near North High. It has 4 beds (including dual closets in Master), 1 full bath upstairs and 1/2 bath roughed-in downstairs. Built in 1917 with over 1900 sq feet. Living, dining, kitchen, plus sun room or den on 1st floor, plus 3-season porch accessible only from french doors in living room. New roof, new forced-air furnace. Installed new support posts and footings in basement to correct sinking and resulting uneven floors. Result is 8-9 foot ceilings in basement, can possibly add more livable square feet. The rest of the interior is down to studs and/or lathe boards. He saved all the woodwork and built-in buffet in dining room. Needs plumbing, electrical, probably siding, and landscaping. Guy says he wants as close to 100K as possible. In your professional opinion, especially regarding rehab costs, is this a viable deal? County gives market as 162,500; realtor.com as 226,980. Haven't gotten comps from a realtor. Can anyone help? thanks in advance.~~Sharon

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