Thursday, March 6, 2008 - Montgomery Fixer Upper

Wow.......this is really is a deal too good to be true. A 4 bedroom, 2 1/2 bath home - only 6 years old for $169,900. This is not my listing but I can still give you the details. Built by Lakewood Homes in 2002 the home has no basement, an attached 2 car garage and a good sized fenced yard. Here's the catch. It's trashed. It looks like someone started a rehab project and then gave up! The drywall has all been torn down in the kitchen and family room (even the ceilings). There are no appliances. Carpeting has been torn out in the living room, dining room and all the bedrooms. There are a lot of holes in the drywall, sections cut out, etc. But overall - it's the kind of rehab most first timers are looking for. Strictly cosmetic stuff. It needs drywall, carpeting, paint and appliances. Oh yeah - the toilets are missing too. Go figure. In my estimate, it needs about $15-$20k in work. It's a bank owned foreclosure and it looks priced to move. I've run the comps (comparables, recent sales) back to 2005. In the last 3 years only 2 homes have sold at or below this price - and both were 2 bedroom ranches. Nothing this big.

No comments: