We have verbal acceptance from the seller on House #21, and expect to have it officially under contract in the next day or two…
This house is about 100 yards from The Lake House, in the same subdivision, and is very similar in style, age and condition. Our rehab and resale strategy will be very similar as well. Our purchase price on this one is $56,000 and we expect to put in between $15-20K in rehab, with a resale price in the $100-110K price range.
The only weird thing about this house is that some sheetrock and some carpeting have been ripped out of both the first and second level, right about the same location (as if water dripped down from the attic or roof and destroyed a bunch of drywall and flooring on the way down).
My project manager spent some time in the attic, and it appeared to him that there had been a drip line installed from the furnace to the exterior wall of the house that may have been leaking, causing all the damage straight down the walls. This seems like a reasonable conclusion given that the roof appears pretty sound in that area, and there are no other mechanicals in that location that would give off water or condensation.
So, we’re calling this one The Leak House for now, both because of the mysterious leak and because it’s so close to The Lake House (and “leak” is close to “lake”)…okay, not very creative, but it’s the best I’ve got… 🙂
That’s a lot of house for 56K.
J-
That house looks like a steal at $56K. What was the list price at time of offer? DOM? I wish I could find deals like that in Tampa.
Josh –
It was listed at $65K. It had been on the market for a week or two (long enough that the agents knew they weren’t going to get a lot of offers, but not so long that the seller/bank was considering a price drop). We offered $52K as our first offer, the seller/bank countered at $62K, and then we let the listing agent know that $56K was our absolute highest offer (it really was).
36 hours later we had acceptance from the bank/seller and 2 days after that we had an official contract.
We’re starting to see more and more houses like this in our area…even a few months ago, these would have been selling in the $80K range.
What do you attribute the drop to? I just sent you a private email on a house I just submitted an offer on yesterday.
From the pictures, I don’t see 15-20k worth of work in this house. Where do you think you will spend that much money? according to the pictures, to me it looks like a max. of 10k.
Hey Adam…check out my latest post… 🙂
Market is bad here as well although the number of existing resales in NW Florida is actually up 2% year over year.