Filling up the wall in the kitchen then after a hole was punched through filling the bottom floor 6-10 inches (water stains on the wall and visible mold on the baseboards, cabnits) The carpet is now dry so I have no idea how long the water was sitting.

We rehabbed the property ourselves - put in a completely new kitchen, new paint, carpet etc..

Does the $150K ARV assume carpet and laminate counters?

Charles Perkins Steven Hamilton II I use a bedroom exclusively for storage for paint supplies, pieces of carpet, tools and boxes of misc items I use only for rental properties.

Jscott/Mark,I understand why an appraiser or underwriter might be concerned if I bought the property for $125k and turned around and tried to sell it for $170k without doing any work.With that said, just because I buy a house for less than it's worth doesn't mean it's worth what I bought it for...It's worth what someone else is willing to pay for it, which is $170k+ according to comparables...From what it sounds like though, it might be worth doing some light rehab to the house, in order to justify an increase in price, which might be just paint, fixtures and carpet...

A missing light fixture or a torn-up carpet can sink a va loan - so if there are issues, make sure you or the seller are willing & able to fix those issues before closing.

The carpet was the cheapest indoor/outdoor carpet imaginable.

The bank has already put new carpet and new paint in every unit.

He asked why the carpets were pulled up and blood stains on the trim haha.

The carpet is old and don't know how it will look after this tenant moves out.