Back from a week at Gull Lake and back to looking at bank owned property. Each week I search the MLS for distressed properties that might be good equity building fixer uppers. If I find a likely candidate or two I try do a 15-20 minute walk through with my checklist. There are lots of distressed properties for sale but only a few that will give investors or homeowners a good opportunity to build equity fast.

I use the simple guidelines I outlined in my post June 10.
I looked at three bank owned properties on June 24. Here are my notes.

First: A 1953 1 1/2 story house in Richfield priced at $106k. First day on Market! It’s in a nice location in west Richfield near Richfield Lake. It has 4 legal bedrooms and a large detached 2 car garage. It looks good structurally.
As I go though my list:
1.)Landscape is ok,
2.) Roof is older, but has several years left, siding and trim is metal and fading, Windows and doors are older and could be replaced.**
3.) AC unit outside is old, Furnace looks newer, Electrical panel needs upgrade
4.) Interior walls and ceilings in fair shape-need paint. Main floor bedrooms are hardwood in fair shape. Needs flooring throughout, Needs some minor repair to trim.
5.)Kitchen is original plywood cabinets, baths needs some work,
6.)Garage door is shot, but opener ok, siding is original combed cedar, needs minor repairs and paint.
7.) Sidewalk needs some repair
Overall not a bad house. it may be worth running comps and doing a rough estimate.
** As a bonus I was able to get an estimate from Universal Windows Direct for replacing the exterior doors and windows.**
A special thanks to Steve Brager for this.
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Second: A 2400 square foot split entry with a tuck under garage in Burnsville. Built in 1969 and listed under $90k.
This house has a tax valuation of $243k. The big issue is the foundation. There may be a good opportunity here, but it will require the major work to the foundation.
No need to go through my check list. This deal needs a bid from a contractor who handle the foundation work.
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Last for today: A very large 1390 square foot 1957 rambler in Lakeville listed at 130k. This is one of those sad stories of a good house gone bad. At one time this house had lots of character and amenities. Unfortunately this home was turned into a non-conforming duplex and is now a complete mess. It’s also on a very busy corner. Too much obsolescence for me bother with.
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That’s it for this inventory search

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