Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: nikos1121

It sounds like back taxes are under $1,000.

I am not sure she is going to be able to sell it. She might want to demolish it and sell the land. All in, she would likely have about $10,000 in it. I don’t know what the land value is in this neighborhood. But I doubt she will get much more than that if it is unihabitable (which I assume).

Renovations on the house, depending on the condition, would easily run $40K. From just the outside I can see: Roofing, siding, paint, doors and windows. I assume the inside: Flooring throughout, drywall repair, light fixtures, HVAC, some plumbing, appliances and paint.

How could I make such an outrageous estimate? I just poured $15K as a minimum to make a rental property livable for the sale market. I took a bath on the sale and still owe the $15K. I cut losses and paid off the mortgage.

Still, I like her ambition. She should at least get her money out of the investment. If she makes $2,000 profit on it, she doubles her money. That’s a low risk, good bet any day.


10 posted on 10/02/2008 5:17:33 AM PDT by Tenacious 1 (Democrats are for Change - Let's run through a mine field at night wearing clown shoes!)
[ Post Reply | Private Reply | To 2 | View Replies ]


To: Tenacious 1

Zillow.com shows the property is worth $18,500. Probably the value of the land only.


37 posted on 10/02/2008 7:36:43 AM PDT by ViLaLuz (2 Chronicles 7:14)
[ Post Reply | Private Reply | To 10 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson