Should I do this deal? - Posted by Rich

Posted by JHyre in Ohio on February 25, 2001 at 16:39:26:

Repairs would cost me about $900 to $1700 on this one…mostly materials (especially carpet), I have a good crew. If you use independent professionals to plumb and lay carpet, plan on spending more like $2000 to $2500, at least in my market…and assuming you’ve caught all of the flaws in the home. Given that, I probably wouldn’t pay $1500 in my market…2BR’s sell slowly around here, this one for about $9,000 on a note with @ $500 down…I’d spend the money on a 3 BR unless 1979 2BR is worth more in your market or you can get it for a bit less, say $1,000.

Of course my market may be nothing like yours.

John Hyre

Should I do this deal? - Posted by Rich

Posted by Rich on February 24, 2001 at 18:45:10:


Just wondering about this. Never done one of these “lonnie” deals before and I’m wondering about this one.

It’s an 1979 Art Wick 2 bedroom in a nicer park. Looks very good on the outside. Needs carpet in a couple of rooms and has a 2 x 2 foot spot in floor that needs redone with plywood on the inside. Needs cleaned and swept out, of course. And here’s the biggie – the place needs to be re-plumbed. It can stay on lot, says manager. Lot rent has been paid up by the owner unitl May. Price is $1500.

So, really, I suppose I have two questions here: does this sound like a reasonable price? Also, what might it cost to have the thing re-plumbed?

Thanks for all your insight – what a great forum!