Rehab Project Without A Garage
I have a rehab opportunity - good ROI - The property is 1500 sq. ft. ranch no back yard small front yard - decent blue collar neighborhood. Someone in the past has turned the garage into a den. I can buy for $38,000 - needs $7-10K in work and ARV is $65K. With no garage, how bad would it hurt the saleability of the house?
Better question is would it be work 3-4k more to build a garage? I would probably say yes.. garages are very helpful in a property as far as salability I think. Rental is a different story.
Quote:
On 2004-09-09 18:38, handsomeprofit wrote:
I have a rehab opportunity - good ROI - The property is 1500 sq. ft. ranch no back yard small front yard - decent blue collar neighborhood. Someone in the past has turned the garage into a den. I can buy for $38,000 - needs $7-10K in work and ARV is $65K. With no garage, how bad would it hurt the saleability of the house?
How many other houses in the vincinity are missing a garage also? If there are a bunch of these conversions then it will probably have less effect. Don't forget in that price range people are doing a lot of compromising when looking at a house, having more room in the house because you have to park outside may not be such a bad thing.
Rehabinator has a good point. Drive the neighborhood and see where people park. I wouldn't buy a house without a garage, but then again, I am one of only 3-4 people on my street of 60 or so homes that parks in my garage instead of using it for storage.
However I live in SoCal which has slightly different weather than Illinois.