I am wondering the best plan of action. My mom is not able to maintain her home and I have been paying for any and all repairs over the past fifteen years. I have already put about 40k into her home. Currently, the home is in a state of disrepair.
The basement got damaged during Sandy. I gutted it but didn't redo it. The once new basement half bath needs work, the main floor 5x8 bathroom needs to be redone, as well as an upstairs 5x8 bathroom. There is some water damage from a built in air conditioner and the inside of the house needs to be painted, carpets pulled, wallpaper removed in the kitchen and a bedroom, hardwood floors refinished, and possibly the dated kitchen updated with new cabinets, appliances and counters.
I started to get some contractor estimates which were wildly varied. Some contractors would show up, others wouldn't. It was stressful to say the least.
My mom is mentally challenged and can't handle any of this on her own. Her parents are deceased. I am looking to sell the home, but here is my dilemma-
(1) From my estimates, I think I would need to put 50k to do the above outlined work. The closest comps are around 550-600k depending on upgrades. I can do the work and try to sell retail, or
(2) Sell as-is, either get a broker and list on the MLS or somehow figure out how to get this wholesaled to an investor. I don't know what would be fair asking, am estimating 400-450k? On MLS, a tear down in Oceanside on a smaller lot is listed for 379k. How do you even find investors?
Thank you in advance for any advice.
The home is owned clear, three bedroom, two and a half bath, 80x100 lot, split, upstairs bedroom with kitchenette and dormered, 1530 sq ft. Over the past fifteen years I got new siding, a new deck and new front porch, new marble flooring, new tile flooring, a new roof, new front bay window, some other new windows, paint, new sink, stove, hardware in kitchen, and a basement bathroom with granite floor.
