Thanks everyone for the replies.
I went in the daytime hours. It defentitly needs some lipstick work and where two sky lights are has water damage. I think I'd just remove them because it has Windows already giving natural lighting in the rooms. The guy is definitely just wholesaling/flipping. Bought it cheap and trying to see if he should fix it up then sell or just sale as is now. Should I use the rule of thumb $20.00 Sqaure foot for rehab? 70% of Arv comps? I think I'd buy this fix it up and then re sell it in 5 years. Only thing I see is the roof issues right now for it to be livable. Now I think I want to get it checked for mold and stuff to be safe. He said he could do the roof for about 5k for the half taking out the skylights or 10-12k whole new roof either way re do the framing or truss that was affected by the leak. I'm in the process of finding a good general contractor myself to go look at it.
If you where to put an offer in how would you do it? Would you try and see if he would carry the note himself?
Asking now 129k or will consider all offers exp. cash.. As is. Said he was thinking of a 60-80k Reno budget then trying for 225k. I think that may be on the high side.. It's 3bedroom 3 bath 2 1/2 car heated garage, 1 acre land, has probably 1800+ upstairs sq feet downstairs is finished with 2 additional bedrooms / with closets another 1800+ sq feet. In ground pool. Cabinets and bathrooms are from the 60/70s. Built in 1959.
My goal would be some how pick this up with little money down. Keep it 5-7 years then sell it. Comps are ranging from 166k-225k in the area.
I can share the address of someone has a way of really crunching numbers.
If you where to throw a offer out today what would it be and how?
Thanks and sorry for the long post.
