Just wanted to do a quick check in. This week, work and family stuff have been keeping me super busy! Even so, we’re going to look at a property tomorrow that could be an awesome rehab deal. Although we’ve been focusing on wholesaling, the numbers on this look so good, working it as rehab might be worth it.
The house is a foreclosure - 4 bedroom, 2 bath, 2 half bath colonial on 1.3 acres. It’s got a nice yard and inground pool. The inside is ripped down to the studs in a couple rooms since the pipes burst while the house was vacant over the winter. It’s built in 1985, so we wouldn’t have to worry about the new EPA lead law crap. Also, the house has town sewer, which is a big plus around here. A lot of houses have septic systems, which in MA are super expensive to fix (called Title V). A full septic replacement can run $10 to $30k, which is crazy…and can really eat away at your rehab budget.
The ARV is about $450k (conservatively), listed at $274k. We’d need to get it in the low $200s (or less) to make it a deal…but we won’t know for sure about all the repairs until we see it tomorrow.
I’ll keep ya posted.
Happy Investing!
Tags: flips, foreclosures, Real Estate Investing, rehab, REO, septic systems, title v
