[Calc Review] Help me analyze this deal

[Corey C.]

Fellow BP'rs,

I've been looking at this house for about a week now. It looks like someone started making repairs and reno but then suddenly stopped and now its on the market. This house is bigger and has more bedrooms and bathrooms and the same amount of land as my house and I paid the same for mine. I visited the property today and it looks to be in good shape other than some flooring, painting, siding it will need, maybe some windows too, there could be hidden damage too, I have no idea I would need to walk through it and take a good look with a contractor. There is also currently a new 4 BR septic being installed, and there is also an in-law apartment downstairs.

I estimated repairs at $20,000 by experience I've had in the past doing construction and home improvement and I can also probably do 90% of the work myself unless there are plumbing,electrical, foundation or other major issues beyond my skill set.

I used zillow's comp tool to give me an estimate of what the house is worth and zillow says $365,933, which seems a bit crazy to me but who knows. I was thinking between $230k to $260k before I saw zillows estimate. To be conservative I said $300k in the calculator below. I estimate it would take two months to get this place in living condition.

I think with some new flooring, siding, paint, appliances, drop ceiling, landscape work this place would be very attractive.

Let me know what you guys thing, is this a deal or dud?

View report

*This link comes directly from our calculators, based on information input by the member who posted.