Posted by Lee on March 11, 1999 at 23:53:54:
FIRST, Understand… I am no expert re: realestate.
Twenty one years in the school of hard knocks is not quite long enough. (LOL)
Please be spific as to the PURPOSE of you buying the proprety.
The $13,000 spread between the purchace price and the ARV (market value) could be OK for a homeowner but not an investor… concidering the amount of repairs required.
Re: “Asking $29,900. Has Note for $27,500” That sounds like the loan pay off plus the agent’s commission.
Here’s the beef:
You say “needs paint” Search “Lead Base Paint” (with or without caps) on this site.
You say “Could use carpet” figure up to $1.50 to $2.00 per square foot.
You say “Could use central air” I figure in the ball park of $2.00 to 3.00 per square foot for a new installation, dependes on the house.
When you do the figures (concidering the heated square footage (hsf) do your numbers look like mine for repair?
PS. I bought LeGrands stuf at the convention, hope you did too.