Long Backstory, but my Dad owns a house in Greensboro, NC but has not lived in it consistently in 4-5 years. He currently travels often for work and resides in TN. It is slowly rotting and needs significant repairs to get it prepared to sell to a typical home buyer for a primary residence. It was bought in 2004 and due to financial issues, I believe ~$197k is still owed on the mortgage. Market Range for neighborhood is $330-415k. Based on rough assessment, the following is needed just to get it listed:
Needs Low Mid High
Roof $7,747.00 $12,580.00 $26,037.00
Siding $20,000.00 $25,000.00 $30,000.00
Windows $9,000.00 $12,000.00 $18,000.00
New Deck $8,000.00 $10,000.00 $12,000.00
Roof Leak Repair $2,000.00 $3,500.00 $5,000.00
Mold Mitigation $1,000.00 $2,500.00 $3,500.00
AC Units $13,000.00 $15,000.00 $18,000.00
Carpet Replacement $2,500.00 $3,500.00 $5,000.00
Kitchen Remodel $5,000.00 $10,000.00 $20,000.00
Total $68,247.00 $94,080.00 $137,537.00
Due to lack of capital to fund these repairs, I believe the best option is to find an investor looking to flip.
Sell it for $220-240k range
Investor puts in $60-90k,
Flips for $350-400k realizing a profit of $50-100k.
Any thoughts or investor leads are greatly appreciated!
