Buying a Condemned Pooplex

[Erik D.]

Hi everyone,

I am interested in purchasing a condemned property. It is a duplex, but I believe the proper term would be pooplex. The water is shutoff, so squatters have been ******** in pots, soup cans, and the floor.

I believe the ARV would be 105,000. The list price is $65,000. I want to offer $30,000 though since the list price seems too high for such a massive clean up job.

There is trash everywhere. Code violations. Rotting food. Did I mention poop?

Someone could easily put $100,000 into this property. I am aiming for $40,000 to $50,000. It is located in Saint Paul on a main street. It has a two car garage in the alley but no street parking in the front.

Electrical is newer, heating is electric, two water heaters look great, but the place needs new flooring, one new bathroom, some work in the kitchens, and lots of cleanup.

My goal is to purchase with hard money, rehab it, place tenants, and refinance. Then, hold for about 5 years.

Why do you think the seller wants $65,000 for this dump? They are tax delinquent and will eventually have the property taken away I believe. Is offering $30,000 an offensive low-ball?

Thanks for looking!