I just finished looking at a property listed with a realtor. It's a bank owned property. My question is how much would you estimate the repairs to be approximately? Here is the following problems, repairs, or improvements need to be made:
1) foundation is cracked in multiple areas on one side of the house which is viewable inside the basement. the basement is 300 sq ft.
2) main level flooring is uneven and/or warped (dry rot issue perhaps?)
3) full carpet replacement (home is 1,474 sq ft)
4) interior and exterior paint work needed (home built in 1940)
5) needs vinyl windows (there are 12-15 windows)
6) some wall areas need to be re-sheet rocked due to holes made from previous owner(s)
7) basement ceiling is low and should be lifted (room to be lifted another 6")
8.) need insulation and sheet rock in basement to cover foundation area to turn into a potential family room area
9) new kitchen cabinets
10) appliances (washer/dryer/stove/dishwasher/fridge)
11) new kitchen countertops
12) update bedroom closets
13) install regular sized door and doorways for 3 bedrooms
14) new front and back door
15) turn upstairs into a master suite... knock out a few walls and alter 2 bedrooms upstairs to a master bedroom with a walk-in closet and an attached master bathroom
16) landscape and curb appeal
17) stairs are kind of steep leading upstairs... don't know if could be changed?
18.) electricial wiring is wierd and to be re-routed... (light switch to bathroom is outside of the bathroom door entry
19) new backyard fencing
20) clean out storage
21) some parts of the roof does not have a gutter... needs additional gutters
22) pressure wash roof and patch up in a few areas
...a lot of work eh? If you could give me any idea on a few things or a low and high cost in repair would be some what helpful. I was pretty thorough, but I have no idea as to what the materials and labor is going to cost. I am tempted on ordering a bid from contractors, but I don't want to waste their time in coming out and I never use them... or have them do numerous bids on homes and they are left wondering if they will ever have a rehab project to start on.
The property is worth approximately $230,000 ARV. The bank is asking $144,000. I was thinking of offering $120,000. I was estimating about $40,000 to $50,000 in repairs. Is that too high or low of an offer and repairs?
Thanks for any friendly advice you can provide.
