Good/Bad Deal?

[Mark Beekman]

The house in question was built in 1972, is 3,800 sq/ft, has 3.5 bathrooms & 5 bedrooms (if you include the in-law/nanny suite connected to the main house). Zillow Zestimate is $530k with a range of $514k - $779 (which I know doesn't mean much). Since there aren't many comps, I'm leaning to the conservative side and saying that the house would sell for $425k.

The house is owned by the original owners and NOTHING has been upgraded since 1972! I would think that because of the ARV, that this would be more of an upscale rehab than what I'm used to. Most of the work that needs done:

1. carpeting needs replaced
2. interior and exterior needs painted (unless new siding is put on)
3. several large trees, bushes, and bamboo need removed (as well as other cosmetic landscaping)
4. sills are rotted around 15 windows and 2 small bay windows (new windows all around?)
5. 15' x 10' deck needs demo'ed and rebuilt
6. all bathrooms need remodeled
7. both kitchens need remodeled (main house & in-law)
8. one side of the roof over the in-law suite (25' x 30') needs rebuilt (the main support beams are bent and could collapse with a heavy snowfall, according to my in spector)
9. sliding glass door has some rot around edges and needs replaced

I have no idea what the rehab would cost, but the house is mine for $200k. Does this seem like a decent deal? how much profit could I expect from a deal like this? I'm just looking for a first-glance, ballpark take on this deal, as I realize that it's impossible to be precise without knowing all of the details.

[Steve Babiak]

Originally posted by Mark Beekman:

...
Steve, I want to thank you for your offerings of help, not just to me, but everyone here on BP. You're a good dude for spending the time helping out us newbs on here. It's very much appreciated.

Mark - you're quite welcome.

And I can still connect you to the rehabber investor who might just be willing to take this one, if you choose not to undertake the rehab.