Well, I bought the house yesterday. I paid an inspector to look at it, and quite frankly I don't think he went inside the house, but he did crawl under it and pronounced it very sound structurally with the exception of some roof shingles, so I made an offer remotely which was accepted. Home is 3 hours away.
This is a 1997 Redman 14x80 3br 2ba, and it's Windzone III rated, which is critical, since it's going into a location that mandates this rating. However, it's also a bank repossession.
But I bought it and have 3 days to back-out. I drove down today to see what I'd bought, and now I'm not sure what to do.
House is in 'ok' shape, but not clean either. Wall-to-wall carpeting is stained and will have to be replaced. The sheet vinyl flooring also has tears and bubbles. Fridge is gone. Washer/dryer is gone. Stove is gone. Dishwasher is still there, and there's no damage to the walls or anything. All cabinetry/fixtures are intact.
Walking around the particle board flooring seems very solid in all areas. Maybe a soft spot or two in the back bathroom. No apparent leaks in the ceiling, though it will need a new roof, apparently. Some shingles are missing. There's some water damage over the master bath window over the garden tub.
The exterior seems in terrific shape (aside from the roof). The vinyl siding is about perfect for 12 years old.
I have no idea how the heck to value this. We paid cash. The NADA website lists a value of $16,700, but there's no allowance for windzone rating, which is a huge factor. We paid under this by a little bit.
I have a tile saw, and have done extensive tile work in our primary residence, so I can tile the kitchen, and baths, I'm thinking. Remainder of the house would either be re carpeted (my choice) or hardwoods (real or fake), which is the wife's choice. I've been quoted about $4k to move it 150 miles, and do a 'FEMA set.' On top of this, I'd need electrical and plumbing hook-ups...Does this seem reasonable?
So the options:
1) buy this house, add $5k to set-up and move, and unknown $ in new roof, new flooring, and other repairs. I would provide most of the sweat equity for the flooring. However, we'd have a 14x80 near the coast, and I *think* if I put in the repairs I could get about what I paid in a few years.
2) buy a new Windzone III home. This will run $29000 for a 2br 1ba, and be about 700sf. On top of this, I'd still spend $5k in setup and moving, but no repairs. Downside here, is the depreciation.
All thoughts are welcome!
Thx