Ok, so we’ve all see rehab projects that were money makers and ones that would be a good prospect but this one is different. I went to a restraunt across the street and saw this as I was getting out of my car. Looked vacant so I went across the street to check it out, definitely very much vacant.
It was built in 1780 and needs a serious amount of work. I am going to contact the owner and make them an offer as they don’t appear to be doing anything with it. This one is a real gem if it is done right, it’s old as hell but has a lot of charm. The wood on the exterior is mostly rotted, I would want to replace with similar wood and paint a nice color…no vinyl siding for this one. It’s plaster inside and many of the cielings have fallen down, it really looks like hell. I am going to make a super low ball offer on this and see what I can do. I would like to find a contractor that specializes in antique homes like this in my area that can do it and I would like to be involved as much as possible on this and learn what I can. I really think this can be a great restoration with the right budget. Wish me luck.
Don’t have any numbers yet, just know I have to persue this one hard as its a beautiful old house in need of some help. Going to send out a letter to the owner today, just found his address this afternoon.
I would love to restore this house with close attention to keeping it looking as it did and keep it as original as I can. I’m planning on trying to partner up with one of the many contractors out here that do these types of homes. I am fortunate to be in the part of the country that has homes still left from the 1700’s, I couldn’t imagine being in an area with the oldest home being 20-30 yrs old, that’s just boring. I’m hoping once I get inside and can move some of the fallen plaster out of the way I’ll find some original hardwood that can be restored, the old wide boards certainly have a nice look to them.
that really has some nice curb appeal, but I would proceed with extreme cuation as it also has “money pit” written all over it. IHMO, I would try really hard to find someone to mentor you who has done a really old house like this one. I think the place to start is locate one of those recycled materials places that dismantles houses for re-use. I bet those folks could hook you up with the right people.
I forsee easily $80k. It’s a really nice old shell, that’s about it. Worst case scenario though it would pain me to tear it down its on 1.4 acres, I could easily get probably 3 lots out of it that could be sold for at least $35-40k each. If I could get the thing cheap enough and subdivide it that might work too.
What a great looking project… I would love to see the numbers on this one.
I have done an 80 ,and a few 90 year olds. People just love 'em.
I hope this works for you. I take b-4 , during, and after on all my projects…this would be a neat one to do, Have fun,
Darin
I can see it being expensive, especially to keep it looking like a 1780 house (with a few modern touches) but it will be a cool finished project.
Just a start of estimation I expect the following:
New roof
New siding (wood not vinyl) and paint
All new sheetrock
New floors or restoring originals
New kitchen and baths
Landscaping, nothing major as its not terrible…was cut only a few days before I saw it. Just need to take out some ugly bushes, put in some nice ones.
Maybe put a skimcoat on the driveway, it looks really beat.
Probably new plumbing and electrical.
Who the hell knows what the foundation looks like, might be ok though.
Basement, probably dirt…probably pour concrete to make it nice.
New HVAC.
New gutters.
Probably has a fireplace, probably needs fireplace and/or chimney repair and cleaning.
I will probably be looking at the places that recycle things to get some vintage stuff.
Well its not in a “historical district” that I know of so I might be safe. This town doesn’t have a historical district that I know of. It’s also not in one of those towns that have tons of crazy people trying to protect old things, the rainforest and manatees. (you know the people I am talking about) I don’t want to tear it down, that would be a last resort if it is unsalvagable or just plain foolish economically to repair.
What a find!!! Keep in mind that alot of people in here are interested in the bottom dollar. That’s fine for most things, but what you’re about to embark on is less motivated by the bottom dollar and more about preserving history and, I’d guess, a personal challenge to take what you see sitting on the land and turn in into what you see in your mind. Not everyone in these posts can appreciate that. Good luck.
What I see in my mind is a kick-ass porch waiting for someone to take a seat in a sqeaky rocker or porch swing, pick up a glass of ice cold lemonade, and look out over a freshly mowed yard with the kid playing fetch with the family mutt.
I’m interested in the bottom dollar as much as the next guy, don’t get me wrong. I do see though the opportunity to make a solid buck and restore a peice of history at the same time. I’d be willing to sacrafice a little bit of the profit to come out with a better finished product. I think this is just one of those projects that needs to be done right, Montelongo brothers need not apply. LOL
Bottom line is if it can’t be had at MY price I won’t do it. I’m thinking $80k offer on the property, $150k in rehab (that gives me $115/sq ft, may have to adjust that up a tad based on what the contractor says and what needs to be done), and eventual sale price of $350k or so. That leaves plenty of room for mistakes, plenty of room to negotiate a tad higher, and plenty of room for overages should there be extra costs that are unexpected due to it being so darn old. Obviously I also won’t do it if I can’t find the right contractor to partner up on this and I won’t do it if his numbers paint a different picture of the rehab costs.
Its interesting that they are paying to maintain the yard, but the inside is a wreck. It doesn’t seem to add up. I bet they won’t accept $80k and have fielded calls from investors in the past.
good luck, I’m interested in hearing what they say.
The lawn mowing may simply be to avoid being assessed fines by the city. In this area (and I’m sure other parts of the country) there are sections of the town gov’ts that crack down on “blight” and will assess fines for blighted properties. Maybe keeping the lawn in order is just enough to stay under the radar. They might be dangerously close to being fined based on the exterior and might be a great motivation. I know my particular town has been known to fine into the hundreds of dollars PER DAY. One guy I know has a lot of old cars in his yard and has a lein so big in on his property that Trump might have trouble paying it. It’s really sad, he’s got some real gems but doesn’t want to sell them. My father knows him well and said he also has at least a half dozen Indian motorcycles in his garage as well.
I hate local governments who force their opinions on others and then levy fines to correct “wrong” opinions. Blight is a matter of opinion only. What makes one persons opinion better than another persons? If the property doesn’t harm others, it should be left alone. Having some cars in the yard or being a so called eyesore doesn’t harm anybody. It’s crap like this that makes me want to get involved in local government so I can attempt to fix these injustices. Until that time, I’ll just be aware of what the city defines as blight.
Good luck on this project Rich, I hope it works out for you.
