We have come to a handshake agreement with a seller for a 1br, 770 sq.foot prewar in Queens at $175,000. It needs a new kitchen with cabinets (IKEA most likely), sink, install a dishwasher, appliances and floor. The bathroom tub and tile can be refaced, but the vinyl floor must be replaced with tile. The walls are ratty and need to be cleaned up and smoothed out before painted. Crown molding and... [more]
We have come to a handshake agreement with a seller for a 1br, 770 sq.foot prewar in Queens at $175,000. It needs a new kitchen with cabinets (IKEA most likely), sink, install a dishwasher, appliances and floor. The bathroom tub and tile can be refaced, but the vinyl floor must be replaced with tile. The walls are ratty and need to be cleaned up and smoothed out before painted. Crown molding and baseboards need to be installed. The hardwood floor throughout might only need to be refinished, but it might need to be replaced (seller has a carpet over it and I have felt some bumps though the carpet). A fully renovated unit in the same building (same layout even) sold for $245,000ish. I am pretty handy and can DIY some of the projects (I work seasonally, so I would have the time off).
Is the buy worth it? Originally I thought that renovation would be $50,000/2 months. Does that sound even close to being right or am I way off here? (no walls need demo'd, plumbing seems fine, though installing the dishwasher is a variable, and the seller ran 2 air conditioners in the summer, so I think that should be fine as well, though I think the dishwasher needs a dedicated line run). If it is substantially more than that, I am assuming that it would just make sense to pass on it and buy a unit already renovated?
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