We have verbal acceptance from the seller on House #21, and expect to have it officially under contract in the next day or two…
This house is about 100 yards from The Lake House, in the same subdivision, and is very similar in style, age and condition. Our rehab and resale strategy will be very similar as well. Our purchase price on this one is $56,000 and we expect to put in between $15-20K in rehab, with a resale price in the $100-110K price range.
The only weird thing about this house is that some sheetrock and some carpeting have been ripped out of both the first and second level, right about the same location (as if water dripped down from the attic or roof and destroyed a bunch of drywall and flooring on the way down).
My project manager spent some time in the attic, and it appeared to him that there had been a drip line installed from the furnace to the exterior wall of the house that may have been leaking, causing all the damage straight down the walls. This seems like a reasonable conclusion given that the roof appears pretty sound in that area, and there are no other mechanicals in that location that would give off water or condensation.
So, we’re calling this one The Leak House for now, both because of the mysterious leak and because it’s so close to The Lake House (and “leak” is close to “lake”)…okay, not very creative, but it’s the best I’ve got… 🙂