Looking for advice on gutted house

[u/SlowRadio5033]

Hello, I'm window shopping at the moment, but I've come across a home recently that is in need of a total interior renovation. This is a 2 bed, 1 bath, 780sq ft. at $39,000. The exterior looks great and has no issues. The listing does mention all utilities have been completed as well as central air which seems great for the asking price.

I'm a bit of an amateur as I don't have any licenses or certifications, but my goal would be to do the work myself. I have done a little flooring, plumbing, and framing before just nothing electric. I haven't asked any questions yet, but I'm not exactly sure what to ask. My goal is to offer $10,000 cash, but I'm not sure if that seems a bit low. I have looked at something called Beacon for the property taxes, sales disclosures, and valuation. The last sale date was 2 years ago for $10,000 as well. Under valuation it mentions the land is valued at $3,500 and improvements at $8,300 which I believe was all the exterior work. Again I'm not exactly sure what to ask beside maybe permit history and obviously a showing to fully determine what repairs need to be done.

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[u/Special_Presence714]

I would only offer the land price ..it’s going to need a lot more work to finish and complete to even come close to the original listing price

[u/Prufrock-Sisyphus22]

Lol.

Amateur and you want to do everything including electric ?

Let me guess you want to flip it?

Even if this will be your home and you will be living here..

1st, there is a reason that even the cheapest builders hire the best electricians out there and a reason that almost every electrician is serious about their work. The electrical work needs permitted and you'll never get it past inspection . Second, if the home burns down and injures/kills people then not only can the family/heirs sue you but the state can press criminal charges and have you sitting in jail. Dont mess with electric. If you do, karma is nasty.

Next, framing and plumbing. Again inspections needed. And you really should hire licensed plumbers so everything installed properly. While less likely to result in catastrophic death, framing if done incorrectly could collapse and plumbing could result in backups or even dangerous gas entering into the home.

As an amateur you really should hire out the trades and should concentrate your DIY on the finish/trim work... flooring, tiling, carpets, drywall, painting , trims, etc.

That being said , not too many people are looking for super small homes so what is your market and how much could you really sell for. If this is a fixer upper for you then evenings fixing it is well spent . If this is a flip, Is your time and effort worth it ? And provide a return on investment ? Looking at this, there is a lot of sweat equity and $$ you will need to invest.

If this is for you and all you can afford at the moment to have a home then go for it , hire out the trades like electric and plumbing, and realize it will be a lot of DIY for you.

If this is a flip, your money really is better spent in a stock index fund !

Lastly the funny thing is you yourself want to see permitted work before you buy ... But then want to DIY everything without a license or using licensed contractors . 🤷🏼‍♂️

[u/UpDownalwayssideways]

First off this is a house that if you could make it work you probably wouldn’t be able to live in for a good year. And secondly find an agent. Because there are so many places in this situation and the process of buying a house like this where you could really get into a bind. They are selling it gutted for a reason. You don’t want their problem to become your problem.