Pictures of Offer #6 and Driving For Dollars

Pictures
I finally had some spare cycles this weekend to create a picture album of Offer #6. Instead of linking all the files from this blog, I decided to just create a seperate page and if anyone wants to see the pictures they can go HERE.

Driving for Dollars
On Sunday, my wife, my daughter, and my wife's parents spent Easter at our house. In the afternoon, we decided to all go driving to look at six properties I had on my list. Two of them I had already seen, but had not taken pictures; one was recommended by my RE agent in an email on Saturday; three were new ones in the last few days. Here is a breakdown:

Possibility #1: 1984, 3/2.5, 2-story, 1418sf. Had a lot of wood rot. My MIL commented that it would need a lot of cosmetic work. List price is $76,000. I roughly comp'd it at $99,500 after repairs. I thought it would need about $15,000 worth of repairs, but may be more. It's a HUD f/c with a $1,000 escrow. I may pass on this one now that look at it. If not, I'll probably only ask for $60k.

Possibility #2: 1979, 3/2, 1-story, 1110sf. Also has a lot of rot around the siding. Looks like it needs about $20k in repairs from my best estimates. List is $68k, and comps are about $90k. I'd ask about $50k-$55k for it, IF I make a bid. It's a HUD f/c, also, and has $5k in escrow.

Possibility #3: 1986, 4/2, 1-story, 1431sf. This has a garage that was converted into the 4th bedroom. The SF reflects the size before the conversion. The agent receommended converting it back to a garage and use for a rental. The list price is $87k, and comps at about $110k. I figure about $5k in repairs and a resale of $105k. I'd probably offer $70k tops, but would probably get rejected. I believe it's a HUD as well.

Possibility #4: 1986, 3/2, 1-story, 1421sf. Not a bad little home. Has some minor repairs inside from what I could see, and some cleanup outside. Also has a nice shed in the backyard - very durable looking. It's a HUD with a list of $87k. I haven't run numbers on this yet.

Possibility #5: 1980, 3/2, 1-story, 1084sf. This is the property that has the foundation-leveling problem. I swear I couldn't see any problems with the foundation myself when looking at it. It has a very nice shade tree in the back, and a pretty good sized yard, too. The fence needs repaired badly, and it needs a lot of curb appeal. Peeking inside, though, I couldn't see any major repairs. I may stay away from this one, though, as the foundation problem is bugging me. I have a verbal bid with my agent at $40k. It lists at $65k, which could be a steal. Comps are about $90k.

Possibility #6: 1975, 3/2, 1-story, 1260sf. One of the worst properties I've seen to date. This thing looks okay from the front, but the back and inside are a real turn-off (but a rehabbers dream!). They tried to add a greenhouse to the back porch, and both are in terrible shape. The inside looks like someone in a drunken stuper tried to lay tile everywhere - the grout lines are uneven and range from a 1/16" wide to over an inch in some places. This person was just a tile freak. They tiles all the countertops and vanities. And they couldn't decide which style of tile to settle on, so they used different themes in each room. Also, the kitchen cabinets have to go. What was interesting is that the back door was unlocked, and the place was empty. I guess we could have been arrested for trespassing if the owner came by (oops!). The list price is $60k, but I'd be hardpressed to offer more than $35k for it. It comps at about $70k.