House #33: The H2O House

April 30, 2012 · 0 comments

It’s been way too long since we’ve purchased a new house, but we finally got one under contract — this is a property was made an offer on 4 months ago, didn’t get it, and then the agent came back to us last week to tell us it was back on the market. Well, the house has had some dramatic changes since we originally made our offer — it appears the water heater exploded (while it didn’t really explode, that’s what you’d think if you looked at the house), and much of the house is now covered in mold.

Ultimately, the house will require gutting the main level, doing some additional remediation on the second level, and then fixing some (unrelated to the water heater) framing and concrete issues. Our revised offer was a good bit lower than our original offer, but I think it’s fair given the condition of the property. We’ll likely have to put about $30,000 into the rehab, which should get us (cosmetically) a brand-new house.

I’ll post picture and more detail on the renovation budget in an upcoming post…we’re not scheduled to close on the purchase of this one until mid-June, but hopefully the seller will be able to close sooner and we can get this one moving.

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