2001 3 br, 2 ba DW, 5 ac. ~$38,000. What to do? - Posted by batpro
Posted by batpro on June 14, 2006 at 22:33:24:
Ok, this seems like a great deal to me but I need some help.
2001 Radco 3 br, 2 bath, 1568 sq. ft. double wide on 5.5 acres. Tax assessed value is $107,800.
It has already been foreclosed upon and is for sale by the bank. It needs a new septic within 2 years (county requirement) and a new well. It does not have a garage.
It is sitting on a class 5 pad, no cement or anchors, with vinyl skirting. The carpets could be replaced and some of the kitchen cabinets have a few problems and look wore, a couple holes in the drywall, other then that everything seems fine.
I suspect I can get this property (DW & land) for $38,000-$43,000 with an offer.
What is the best way to make money on this property quickly?
What would you experts do? Resell as is? Rent it? Put $25,000 into it and put in a garage, new septic, well, and carpets? Should I worry about it not being on a cement slab with no anchors? MN state law now requires them for new homes and it is required for new financing.
My main interest is to make money quickly. Any investors.
Any suggestions what others would do with this property to make money?
These newer doubles wides on 5 acres are selling for around $100,000 to $120,000 in this area. The tax assessed value on the house is $75,000 and the land $32,000 = $107,000.
An average rent rate for this would be about $600 per month in this area. Taxes $700 per year.
Please give me your opinions on what you would do? I do not think it will last much longer.