mold in a rehab (long) - Posted by JR
Posted by JR on July 23, 2003 at 16:14:12:
Does anyone have any experience with mold in a rehab house? I’m looking at a potential rehab job that, other than the mold, doesn’t look too bad. I’m going to have it inspected, but the problems are pretty basic…some new carpet, paint, fix the ceiling where it looks like it got knocked down in a storm, get the roof fixed (storm), some minor plumbing (I’m getting that checked as well as the hvac and electrical systems), drywall and finish a bonus room and then maybe update the two bathrooms. The kitchen is good and the cabinets look newer.
The neighborhood is actually right around the corner from where I live. It’s out of the school district I went to in high school by about 2 blocks, but it’s still in a very desirable school district. It’s a 3/2 with a very large yard and a garage, which looks pretty old, but I didn’t look inside yet. The comps the realtor pulled had 3 recent completed sales. There was a 2/2 that sold for $46k, a 3/1 that sold for $66K and a 3/2 that sold for $80k. The one that sold for $66K I was actually looking at as distressed and I just got the name of the owner yesterday from the assessor because I thought it was vacant…looks like a fixer, so take it for what you want.
I’m pretty certain that the house could be sold when finished for around $75-80K and possibly more. There’s a 3/2 with a 4 car garage listed in the area for $129k, of course they probably won’t get that much. The asking price just got bumped to $36k and I know they’d take less. So, after this long-winded post, my question is how expensive is it to get the mold removed? It looks like it’s just a result of moisture from the storm damage and it’s in the master bath and a hallway. It doesn’t look bad to me, but I’ve never dealt with it before. Does anyone have any advice on how to proceed and does it look like a profitable deal? If I have the mold removed professionally, how much would that run and could I get a warranty on the work for the future home owner?
Here are my numbers…just preliminary and doing some of the work myself, but probably not all of it. I’ll work with asking price.
-oops fund of 10% $7.5k
-higher estimate of repairs $15k (probably less)
Gives me a maximum price of about $32-33k
Asking is $36k, but would it be a deal if I could get it for $33, or less? I appreciate all of your help! Thanks.