ORLANDO, Fla. — So-called “zombie” houses are the unfortunate result of the flood of foreclosures that occurred when the housing bubble burst in 2008. Abandoned by their owners and ignored by banks, they are left to decay while nearby homeowners helplessly endure the decline of their neighborhoods.
Florida has one of the highest rates of zombie homes in the nation, due in part to the state's lengthy foreclosure process.
But zombie homes also represent an opportunity for rehabbers willing to take calculated risks, such as Keith Oli, CEO of Parhelion Homes and star of FYI and the A&E network's “Zombie House Flipping,” which buys, renovates and resells five to seven homes a year.
Oli found just such a property on Copeland Drive in Orlando's Historic District. Originally built circa 1925, the 3,000-square-foot home had been vacant for five years and was in bad need of repairs. With four bedrooms and three bathrooms, plus a kitchen, laundry, and other living spaces, it was one of the few homes in Orlando with a basement.
Tankless comes out on top
When staff began thinking about improvements, the first thing that came to mind was a gas-powered tankless water heater: “Being in a historic district, gas was easy to get. [lines] “From the street,” Oli explained.
Parhelion Homes works with a group of dedicated, professional contractors. “There are flippers who do all the work themselves, but they're not career-oriented,” Oli says. “I know how to swing a hammer, but everyone who works for me knows how to do it better… So I do what I'm good at and I let them do what they're good at.”
Ori chose to work with plumber Emerald Plumbing (www.emeraldplumbing.net) of Orlando, Florida, to install a Noritz Residential NRC98-DV-NG vent for indoor use.
“We knew the Noritz brand and its reputation for versatility and reliability,” Oli says. “Noritz had the perfect product for the scenario we were dealing with.”