Remodel vs Teardown
While my wife and I both agree that the property is in bad shape, I figured there has to be a formula that some of you experienced investors use when considering an UGLY house.
I have heard 70% of FMV-repairs etc etc. But when looking at ugly houses, there has to really be a cutoff point to where it really isn't worth anything saving a house, but to remove it completely from existence.
For some of the older older type homes in the turn of the century 100+ year old homes, there are several, several items that would need to be remodeled to compete with existing, or newer homes.
Thoughts?
I have heard 70% of FMV-repairs etc etc. But when looking at ugly houses, there has to really be a cutoff point to where it really isn't worth anything saving a house, but to remove it completely from existence.
For some of the older older type homes in the turn of the century 100+ year old homes, there are several, several items that would need to be remodeled to compete with existing, or newer homes.
Thoughts?
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