We just put our 20th house under (verbal) contract. We’re calling it The Lake House — not because it’s situated on a real lake, but because there’s a small lake within the subdivision and we just can’t think of a more creative name for the house… 🙂
The house is about 11 years old, and except for some major termite damage around the exterior trim and sills (see pics), it’s in pretty good shape. The siding is a composite cement-board (Hardiplank), so it wasn’t affected by the termites, the roof is in great shape, the parquet hardwoods are ugly but in great shape, and the kitchen can mostly be salvaged. For the most part, this will be a “paint and carpet” rehab, with a few extra repairs thrown in.
We’re picking up the property for $60K, will likely put between $10-15K into the rehab, and plan to resell somewhere between $90-105K. I expect the rehab to be quick — likely no more than a week or two.
I’ll have more to say about this one once we’re officially under contract and have had a chance to get some rehab estimates…