OK, I need some ideas with this deal… - Posted by Carey_PA
Posted by Carey_PA on June 20, 2001 at 18:50:58:
Here’s the situation:
Bank owned property.
Not the greatest neighborhood, so I’m going to say it’s worth $85k. (I just bought the house down the street and I had folks interested in it for $85k and this property I saw today is DEFINITELY NICER)
Anyway, it’s worth $85k and it’s about 30yrs old. It needs VERY LITTLE WORK.
I’d probably paint the every room (including 3 brs, kitchen, living room, hallways, 2 bathrooms)
I would add a new kitchen sink, dishwasher and range and oven.
Now here is my question: this home and another home is on the same parcel. (they come as one)
This 2nd home needs a TOTAL rehab, it’s about 70+ yrs. old. Now the walls are in good shape, but all the hard wood floors are a mess and the kitchen and bathroom well they need to be totally gutted.
The thing that bothered me about this 2nd property is that when you are in the hallway and you can look at the top of the doorway, it slopes and if you stand across the street the roof slopes as well.
I don’t know if it would be worth it to totally rehab this place or not. If the homes could be split up on 2 separate parcels it may be worth while, but I don’t think they’ll be able to be (they are way too close together).
IF they can’t be split up, trust me this home is NOT the selling point. I have no doubt in my mind that I could sell the main home via a rent to own quickly. (as a matter of fact when ever I tell people to look at the property that I own, they always tell me that they were hoping it’s this other house) AND MY PROPERTY IS ONLY 9 YRS OLD!!!
So, would it be cheaper for me to just tear down that old home? rehab it? or have my sale FOCUS on the main home and tell the interested prospect that they other home is an added bonus to do as they please??
BTW, no matter what, I’m calculating the repairs, etc of the 2nd home into my offer (and I’ll take pictures lol)