Hi,
My name is Susan and I am a newbie with each and every aspect related to real estate but I think I will make it a considerable portion of my investing portfolio from now on. :)
For a start, there this is an old or perhaps a historic complex in Dammam, Saudi Arabia (Built as a shelter for Kuwaitis during Gulf war, so it is almost +20 years old) which now totally owned by individuals, yet remains partially managed by the government.
For many reasons, I find it a fantastic place to start with (among others) my investing journey where I need to learn about rehabilitation in particular, however, whenever I get to inspect an apartment there, I am always faced with one resisting issue, bathroom ceiling. No matter how long (Or short) a tenant stays there, whether the apartment was rehabilitated just 4 years ago, 11 years ago or almost never touched, the bathroom ceiling in all these apartments share the same look like this one here: Dammam Iskan appartement 22.11.28 - Bathrooms
The apartments here are identical, they have 3 bedrooms, 3 bathrooms, 2 living rooms and 1 dining room separated with accordion from the 2 living rooms, two small stockrooms, 1 kitchen and 1 entrance, somehow these numbers are below the average. The prices almost always range between 250K - 450K SAR = 67K - 120K USD for purchasing and between 20K - 25K SAR (5.3K - 6.6K USD) for renting (Usually it is way higher than that but the market is still unable to recover after the 2018 decisions related to non-Saudi families) depending on the view (Inside and outside) and the history of rehabilitation. I personally believe that these apartments are overpriced, however, the prices above are the market prices and they are acceptable to buyers and sellers equally.
I have read the book on estimating rehab costs and find it quite handy in many components, yet, I still need more help and other opinions so here are my questions:
- Do the pictures above indicate the possibility of mold existence/growth? I am not allowed to bring experts in the first (And sometimes only) inspecting visit since they are mostly occupied by conservative families, I am a girl so they welcome my visit! :D
- If not mold, only leaks, why it is ALWAYS THERE?
- If I manage to show that this is mold other humidity-related issues, how much can this reduce my purchasing price in my proposal? (Priced at 300K SAR = 80K USD)
- I know it is difficult to make an opinion, however, do you that this apartment is overpriced?
Other minor issues of the same apartment:
Dammam Iskan appartement 22.11.28 - Bedroom Cabinet
Dammam Iskan appartement 22.11.28 - Kitchen - Almost 4 years old
It has been rehabilitated by the current tenant almost 11 years ago.
Any input is highly appreciated!
