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Anybody there????

Ryan Webber - The $80/ft is what I'm figuring it is worth before rehab or before the ARV. With comps in the area that have been rehabbed or are in good shape are selling for $105 - $150/sq ft. I hope to be in the middle of this or above. The purchase price is $47/sf. I hope this didn't confuse you. I jump around sometimes.

SteveGent - I use Xactimate 24. Its an estimate software used by insurance adjusters and contractors. I'm an adjuster. I'm usually off 4-6 months a year so I figure this would be a great way to make the time pass and make some extra money. The software is a little tricky to use at first, but once you get the hang of it its awesome.

Thanks!!!
Do appraisers us a software as well? What do they do when they go to the property? Do they take measurements, take age, condition, etc into consideration? I'm sure they do, I just have never meet with one or saw them work. The comps in the are are selling or sold for $107 - $150/sf. Do you think I would be safe figuring $80/sf? If it appraised for that as is, I could buy the home, then have enough for repairs.

I'm curious how y'all determine ARV (After Repair Value) in your area. I'm looking at some foreclosure's and the hardest part seems to be what they would be worth after repairs. I have a great estimating software to give me the actual cost to rehab, but have no idea what it could or should be sold for once finished.

Do you have your realtor pull comps and base it of a price per sf? If so, do you use an average, lowest, etc???
I've been using comps then base it off the price per square foot they sold for. I usually figure conservative for worst case scenarios.

Another question, is there any place or software or site to determine what a property will appraise for? I'm wanting to see the appraised value "as is" before any repairs.... Id like to be able to do this before I buy the property. Of course I would hire an appraiser once I made my choice and get a professional decision....

Is there any way to get a rough Idea of what a house will appraise for without paying for an appraisal? If I think the home will appraise high enough, I will higher an appraiser. I just don't want to pay $300+ and then find out it doesn't appraise high enough. I'm looking at rehabbing a foreclosure.
I'm approved for 80% of appraised value. So if the home appraises for less, then that's money out of my pocket i have to use. Any help is appreciated....
Thanks for your time.

Thanks for the heads up. Im not crazy about going through the kitchen and utility room, but thats my only option. Im not crazy about a 1 bed 1 bath either. Im drawing the plans right know. Ill post them and see what ya'll suggest.

I’m looking at a rehab and wondering the best place to put the master bed/bath. It has a huge lot, but putting it on the rear of the home is kind of weird but maybe the only place. You would have to walk through the kitchen and utility room to get to it. This is a 1 bed, 1 bath 630sq.ft. home. I’m thinking about making it a 1.5 and putting the master bed and possibly a bath upstairs. Is this a good idea?
What would yall suggest? Can most skilled contractors convert a 1 story to a 2 story?
Like I said, adding on to the back might be the only way to go.
2 bed 1 bath homes in this area are selling for $118,000+. It’s a very desirable area.

opps! I meant gross instead of net. Is there a table that has ballpark closing cost for properties? Or a formula I can use on each property to determine the closing cost? What does a "closing cost" consist of?

I didn't go inside the other homes. I guess that would be a good step. I just looked at the listing in the MLS. The others did have vinyl siding and a detached garage. They might have had 3 beds, but only 1 bath. Not much more house for the money then the one I looked at. I figured if I was around the $60k - 70K range, they would jump on it. I was just worried about the area. It was nice, but not sure if the area was $60K+ nice. My biggest fear is being out of an areas price range. What other factors due you consider when looking at potential rehabs?

I haven't made my first deal yet, just doing my homework. Ill use a home I passed on (I think it was good deal) for an example. It was a 2/1 with full unfinished basement. New AC, Furnace and newer WH. No structural damage just needed to be updated. About 5 blocks from Univ of MO St. Louis (Mainly a commuter college). The neighborhood is low to mid income. It was FSBO for $30,000.00. The home across was listed for $99,000.00 and one 3 housed down was listed for $114,000.00. That is all I had to go on. I used Xactimate (estimating software) and figured I will have about $12,000.00 - $15,000 in repairs. That would make a really nice home. I figured I would have listed it for around $65,000.00 -$70,000.00. That seemed to fit the area. Potential net of $20,000.00 -$25,000.
Did I pass a good deal up? Like I said, it was a great home; I was just worried about the location. What else should I look at when determining a good deal? Determaining cost of repairs is not a problem as im an Insurance Adjuster. I just moved to St. Louis so I dont know the area as well as back home.
Thanks to all!