I met a rental agent at the bathroom hole house. I explained my renovation plan and she suggested a starting price of $114,900. I had based my numbers on $100k, but I had a $117k number based on the square footage of the comps. She suggest I repair the pool if the price is close to what it takes to fill it in. She also suggested that I leave the mother-in-la suite as it is (structurally a separate unit).

I have made a video walkthrough of this house.

I now have a detailed repair estimate.

My Numbers

Purchase price $32,000.00
Repairs (except for pool) $31,565.00
Pool estimate $5,000.00
Closing Costs $2,550.00
Total Spent $71,115.00
Sales Price $100,000.00
Commisions $6,000.00
Net Sale $94,000.00
Profit $22,885.00

 

I have allocated $5,000 for the pool repair. I had a pool company tell me $3,000 - $5,000 to have it filled in. I had another repair person say they could purchase and install a liner for about $2,000 which leaves the pump and possible drain problems. For now I will use the $5,000 number but perhaps I can do better.

I am using $100,000 as the sales price – which was my original estimate. Based on my conversation with the agent, and the comps, I may be able to do better than this.

 
bathroomHole

This weekend I got into the Bathroom Hole House and took some pictures.

I have made a video walkthrough of this house.

There are two major issues:

  1. The house as a separate apartment attached – a mother-in-law suite. This suite has two entries, one form the garage and one in the back. There is no way to get from the main house to the mother-in-law suite. The mother-in-law suite has a living room, dining room, kitchen, bedroom and bathroom. It also has a separate power meter. I am not sure what to do with it. Should I leave it as is, or open it to the rest of the house and remove the kitchen and extra power meter?
  2. I am not sure what to do about the pool. I have left messages with a couple of pool repair companies and I am waiting for call backs. I need a repair estimate before deciding if I will keep the pool, or fill it in.

I have contacted the top real estate agent in town about listing the house. She is going to meet me next Monday and give me her advice on this house. I hope she will give me some insight into which way to go with these two options.

Here is a picture of the pool:

Makes you want to take dip, doesn’t it?

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