I’m under contract to purchase House #5. This one is located in a new market I’ve been stepping into since my area is still very low on inventory. It’s a big house at 4 beds 3.5 baths and around 2500 sq. ft. This one will be quite a project though. It has significant water damage behind a couple of walls because it was built using synthetic stucco. So the stucco will have to be removed and replaced with new siding in addition to a full cosmetic rehab inside. Here’s a photo of the house and a quick preliminary budget. I’ll be meeting some contractors in the next week so I’ll post some more pics soon. It will be a cash purchase so we should be able to close it in the next 2 weeks or so.
Purchase Price: $95,000
Rehab budget: $55,000
Expected resale price: $200,000