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.