Last week a client closed on a property that we had identified as a good bargain. As an estate sale, we were the first offer on the table when the home was listed. We offered $60,000 financed. Our inspections determined that the entire plumbing and electrical systems needed to be replaced so we asked for an additional $5,000 concession in the price. The sellers accepted and we closed.
The post fix-up value on this property will be around $120k-$125K. My client will be restoring the main level and making better sense of the use of space in the basement. Total budget for rehab is about $35K-$40K.
This house also has the only ductless gravity fed heater I have ever seen:
Hot air rises out of the center circle and cold air returns around the edges. Amazing!
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