So I’m looking at this property that needs A LOT of work. Seller wants MID 800k for 3bed 2 bath 1000sqft. The property has a termite problem in one of its bedroom, possibly other bedrooms (covered w/ carpet so can’t tell yet). Needs a new roof (original roof), new gutter, outdated cabinets and kitchen. Needs completely new baths & all floors. Need new drywall. Need all new windows. Definitely need landscaping and electrical work. The only things good about this property are the location (good community) and good sized lot (backyard). Comps showing similar properties sold for 950-970k (very nicely done and everything is rehabbed). I’m thinking if I can put in a cash offer in for around 750k w/ 60-65k rehab and commission and other fees. I’ll still make a good profit.
What you guys think?