Although I think Jenkins' $48k guess is a bit high, you can get up there if you gut it completely, put everything new and do not lift a finger.If on the other hand, you do most everything yourself, and keep in the house what's good and working, you can get buy with even $10k rehab for a duplex.

With that much sheetrock damage it's like a gut rehab.

my gut says someone was trying to cover up a problem...I wouldn't just change it out with a non-GFI without having an electrician check it out.

I usually gut basements so they are just a huge open area and paint the walls white, the beam and poles black, and the floor gray.

I did a complete rehab on my first rental in 2008, including a new furnace, a gut rehab on the kitchen, carpet throughout the house, plumbing replacement and a new water heater.

That way you are getting the person with the good credit score on the document and not the lady you are worried about.Strange as it sounds, I always recommend going with your gut.

It is true that investors will likely follow the same formula regardless of where they find a deal, but the MLS exposes you to other "investors" who may not follow a strict formula and buy more on gut and emotion or they buy because they are trying to control their neighborhood/neighbors etc etc.

heavy / gut rehabs ___ ?

During this time it's my gut feeling that there will be many more offers submitted since 1) the property is such a steal and 2) there has been absolutely zero inventory like this hitting the market in the past two months.I would feel comfortable increasing my bid by 2-3 grand to help secure the property, but I don't know if I'm bidding against myself or what.Overall I would be happy getting into this property for $83k (41k purchase price + 40k renovations + 2k closing costs).

It's currently gutted and will be our next rehab project.