I just don't know many other folks who would get me, like y'all, and I just want to share my excitement with someone.

I may have just found a gem on the MLS. Went by to look around, and there is a posting "Danger, not fit for human occupancy". So THAT'S why it hasn't sold! : )

My "normal" friends (meant in the nicest way) would think I'm crazy, but you all might get why that makes me happy. Negotiate a LOW price!

It's pretty much gutted(saves me work) - no plumbing, lower part of drywall removed for some reason, & still has some junk in it. It's been for sale a couple months, owned by an LLC hours away.

Only "problem" is permits would have to be pulled for everything.

Wish me luck!

Probably either a major plumbing leak (check floors for damage) or, more likely, thieves came in and stripped all the copper plumbing.

Permits are normal. Just adjust your offer price to include all permit costs and, of course, repairs and contingencies/overages. In today's environment be prepared for massive contractor fees.

If you could post some photos of it, I could tell you how low your low-ball offer should be. Figure out what just the lot is worth and begin there.

My understanding is that condemned buildings usually have to be brought entirely up to current code.

What I can tell from photos and peeking in a couple windows: some walls still go to the floor, there is only rough-in plumbing. Could be a flood, could be the LLC started to renovate but didn't finish. There are new, vinyl windows.

It is in an area where I would like to get a rental to keep.

Right, myob.

Roy: I don't think I could get it that cheap! More like $50K or so, based on the renovation just completed.

I would renovate it to high standards, anyway - for less maintenance in the future - so the permits really don't bother me at all.

It can be seen on realtor.com search 440 Hunlac ave, Hampton.

I trust no-one here would try to snatch it.

It would rent, in newly renovated condition for $1K +/-

Careful... those houses are called money pits for a reason.

Whatever you rehabbed a house for last year, double your material costs. Plywood and 2x4s have doubled, and pretty sure so have a lot of other things.

Roy's "gems" are fixed for $20,000 out of pocket true...but he does all the work himself. What will you have to pay for labor?

Carrying costs?

If you can't steal it for $5,000 or less I'd let the bull dozer have it. I base that on what I think is you saying it would be worth $50,000 fixed up and rent for $1,000. You will probably put a minimum of $35,000 into it, including materials and labor, if it's a "Roy" house.

DJ,

$50K?? Is it located in a Class B hood? I will pay more for a dump in a Class B hood but not anywhere near $50K. $25K maybe. You are looking at a MAJOR REHAB job here and building material prices are through the roof right now. You will be lucky to find a reasonably priced contractor who can pull permits too.

DJ,

I saw the photos at the realtor site. Asking price is $95,000 which is outrageous, unless it is located in a Class A hood. Again, what class hood is this? It appears to be either B or C ? The class hood will determine your future rent amount or re-sell price.

$95,000 maybe what is left on the owner's mortgage and if that is the case, then he is upside down. Don't get sucked into this. Assuming a good solid Class B hood here, my first offer would be around $20K.

DJ, that house looks pretty straight. I would agree with a flood, water damage by the looks of the mediation that was performed on the sheetrock. Outside vinyl looks to be good with a nice carport. At $110 a foot in my area you can get a new home with granite counter tops. So, I can only comment on the condition and I would not be afraid to take this project to the next step.

Make sure foundation is good and solid and take a 4ft level to see how level the floors, and walls are. Not having to tear sub floors will help keep cost down. Check sewer if possible and roof, central H/A.

It the outside weather head installed?

Sorry I was unclear.

$50K for the rehab.

ARV would be more like $130-ish

You may be right Roy - the mortgage balance. It was bought for $97,450 in Oct 2019.

Desirable class B.

Just from walking around outside, it seems pretty solid. Has too-small electric box/service, so that would be upgraded anyway.

City says there was a fire. I saw a small spot outside under the carport that looked like a grill was too close & caught on. Trying to get inside soon & see if there was fire inside - and everything else.

Dave- $110/ft here gets you something solid, but not upgraded. A nice rehab, maybe with granite, is closer to more like 1.65-1.75

DJ,

Okay, then the owner is upside down. Don't be a fool here and pay anywhere near $95K. Again, I would start at $20K and not go over $30K for a Class B hood.

Most likely, this property will not sell and ending up going back the owner. I would find out who the owner is and deal with him directly at later date. Right now there is a RE agent(s) that wants a juicy commission and that is a huge barrier to getting the deal you really need.

Turns out someone else WAS fishing in "my" pond.

They were ratifying a contract for sale as I was about to see it.