I drove by the property that I just submitted an offer on. I would probably classify it a '3' on Steve Cook's neighborhood scale. It's not in a war zone, but houses on the street are not very well kept at all - including this house. I wasn't sure if the owner was inside as there was no vehicle in sight. From what I could tell, the house isn't too bad on the outside. There is work to be done on curb appeal, but I would estimate it as just "clean-up" type of work I could do in a day. My main concern is what the inside is like. This is where I budgeted $15-$20k in repairs in my offer. From what I could see from the street, the backyard has some trash, too. The chain-link fence looks to be in bad shape in a couple of places, also. If anyone wants to see a picture of it they can go here.
I submitted the formal contract and addendums this morning via fax. If I get this property, I am thinking of doing one of three things: (1) flip it to a rehabber for a nice profit, (2) rehab myself and sell retail for a bigger profit, (3) lease option it to a nice family for cashflow. It really all depends on the shape of the inside.
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