Hello everyone, this is my first post, so I'll get straight to the point.
There is a vacant duplex that I'm interested in buying, and I had a friend give it a lookover. It's in an upcoming area, so the location will yield very good rents.
Per his review, there are some things that he would recommend.
1) Part of the house has laths. He recommends that I redrywall the rooms with the laths and update some outdated paneling as well.
2) Renovate the kitchen/bathroom. They are in decent condition...it's just old stuff.
3) Upgrade the furnace systems. They are old and outdated.
4) Applying OSB (oriented strand board) to the attic if I plan to remodel that into a livable area. The attic is huge.
That's pretty much it. It's a solid structure...it just hasn't been updated. There was a chimney that was removed.
The place is a 2/2 duplex with a lot of space. Heating will be expensive, which is why he says that the laths and old furnaces would be very inefficient.
How do you think I should proceed? I would be getting it for a little under $100K and I wonder how much it would cost to do this scope of work.
I want to get estimates and I guess I need to know what questions I should ask the agent and/or seller before I write up an offer.
Thanks again everyone. I look forward to learning a lot here.