Bad Design?
I came across a REO Single-family with five bedrooms and 1 bathroom.
Asking price $50,000
APR: $90,000
Repair Cost: $7,000
It would probably not be worth it to add a half-bathroom. Would it be difficult to sell a 5-bedroom home with one bathroom?
I don't know your area, but in mine, a 5/1 (or even a 4/1) has less appeal than a home with at least 1.5 BTHs. Also, 5 BR's don't sell for that much more than 4 BR's, unless 1 of the BR's is on the main level and can effectively be used as something other than a BR.
I'm assuming this is a 2-story house--yes?
If you check sales or even listings data on 5/1 v. 5/1.5 homes, you should get an idea of whether it's worthwhile to put in a powder room.
Thanks for the advice. This is not a 2-story, It's a ranch style.
If they asking pice is 50K and APR 90K with 7K of fix up you might be able to put in a full bathroom for not that much more thus bringing you more than 90K. If the layout allows for it make a master suite with its own bath thus making the house a 4bedroom 2 full bath which are easier to sell than anything with 1 of 1.5 baths.
Do the math. Look at other 4 bed 2 bath homes in the area and see if it is worth putting in the extra 5-10K (depending on exiting plumbing layout, room configuration, etc...)for a nice master suite. I bet you'd more than get that return out of it. Adding bathrooms is one home addition that will pay for itself.
Gook luck and keep us posted.
Q
P.S. What area of Chicago? I used to live up there
Since this is a rancher, not a 2-story, I would agree with Running Q. Check out viability of creating a MBTH and making it a 4/2.
I agree with the others take and combine 2 bedrooms into a MBR suite with a bath. A 4/2 will be much easier to market. The new bath will cost about $10,000.00 but you should get most of this back due to higher value.
In my opinion, you do not need an expert opinion on how would you feel in the morning waiting, let's say, 3rd in line to take a leak
5 bd/1bt is a definitely a substandard whenever you are. If the lot is large and you have the space, maybe you can ad a full bath, which should definitely increase the property value so in the end you'll not lose on that additional investment.
PS
And, I wonder what in the world cost $10,000 in a basic batroom built inside the room? Unless the job is for someone else, it will cost me no more then 3 grand to do plumbing, frameng, drywall/greenboard/cement board 5X5 bathroom with the shower enclosure, shower door, toilet and the bathroom entrance door. Time to finish: 5 days. Done.
Yhagood - I doubt in the end the extra bathroom will net you much more money. Maybe you net $3-6K more?
Keep in mind features like that go way farther in making the house more marketable, not so much in the money dept.
There is an a$$ for every seat, it just takes a lot longer to find someone to fit an odd shaped one.
The house sold before, it will sell again, regardless of the number of bathrooms.