Rebuilding On Existing Foundation - Worth It?
I am looking to those very experienced in rehabs for advice. I have a property that I am about to put under contract in the next day or two - it's mine if I want it. The question is do I want it? The house needs to come down. I was just there with my contractor - seller told me it needed to come down, but I needed a professional opinion to go by. Shame is the interior of the house only needed cosmetics - exterior of the house is in shambles. Foundation is great! Can build on the site with a modular home or the like. My question is - do I want to do this? Is there a profit left in the deal if I pay $47K for the property, quote from demolition contractor for $10-15K, then rebuild home. The other properties in the area are maxing out at $160K. I will probably flip this house to another investor/rehabber, but I want to make sure there is enough on the backend for the other investor. Any help would be appreciated.
Thanks,
Susan
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