Hey mate,It's just how it works in the Bahamas at the moment lolI'm currently looking at a double waterfront lot Topsider home for $120,000.It's absolute beachfront and I can probably fish from the balcony (Thing of Bora Bora Tahiti lol).I'll probably offer $50,000 and see how we go.These things (Topsiders) are made to withstand hurricanes but I love the Bahamas so much that I'm happy to re-build if anything was to happen.You just can't beat the 240ft of waterfront land with white beach and turquoise blue water for that price.It's paradise and there is nothing like it worldwide.Thanks 

My : WHY is FIGHTING my OWN FEARMy biggest fear : fear of abandonment and fear of water1.by doing ROI I can rebuild 100 times that "home" that fell apart in my childhood. ( I do CUTE Vacational rentals).

Roofer #2 also does masonry and included $7000 to rip down several courses of brick along 2 46' parapets and rebuild them.

Note: the basement floor is poured concrete, and is uneven in places, where it seems like the soil underneath has washed away and caused the floor to settle in some areas (not a huge concern at this point).I've had a number of contractors and waterproofing companies evaluate the situation and suggest anything from interior water proofing and wall repair (I-beams or carbon fiber straps), to exterior waterproofing and rebuilding the foundation wall.From my research, it doesn't seem that interior waterproofing will solve the problem, and the I-beams are only a temporary fix vs. rebuilding the wall and exterior waterproof.

The level of effort you have had to rebuild is incredible.

some of my friends are rebuilding and should be in their homes by summer others are just selling their lots.. 

I've been using a general rule of thumb that considers the overall property appraised value less the land in the event I would have a total catastrophe and have to rebuild the entire home. 

That means that the land is 33% of the total lot value, so in my example, you allocate $50,000 to Land Value and $100,000 to Building Value.Fees to demo structures are added to the land basis.Fees to rebuild or fix structures are added to the building basis.Penalties and fees are a non-deductible expense (you never get a deduction for breaking the law), but any interest added to the account can be added to basis.Legal fees - this is a tough one.  

Be careful when purchasing homes to demo and rebuild.

.^ I just finished rebuilding my house cause of Harvey(flood) I learned so much about the construction and I just discovered I am pretty good at renovations I would love to use my new skill to flipping houses.