Tommy Dobczyk breaks down a renovation deal: $380,000 purchase plus $60 per square foot in work equals $440,000 invested, but comparable homes sell for $475,000. That $35,000 upside is too thin to justify the project.
Spending that money on it though, wouldn't— you'd never get it back because if you bought it at $380,000 and then you put, you put $60 a square foot into it, now you're at $440,000. So, and $475,000 is your strong comp supports at $440,000. So you're only gonna make $35,000, $35 a square foot. Yeah. No, not really worth it. Not worth it. Don't touch it. Right. So then you gotta go another direction, but that's if we're able to come in. And get them to be realistic about the numbers they're at. So they are at the top line, shows it right there. $1.75 million is the top line for as-is residential value in that neighborhood. So adjusting the residential buyer value, those are right here, how to do that.
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