Do we buy the abandoned disgusting house?

[Anonymous]

I'm going to guess $100-150 to get it into livable shape.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here and thanks to everyone for such a quick round of replies. My husband has been doing math today to see if we could stay in our rental to the end of our lease in the spring and still afford the house. I just asked him to check in with the realtor (they've been trading texts all day) to see what the options would be in terms of an inspection.

It's so funny, $75-100k sounds like so much to me but I've never done any work on a house before so I can see that I may be clueless about what it will really cost. We probably can't do more than that, so that's something to really consider, beyond the ick factor. Also, the idea of things living in the walls...yeah. That hadn't been on my list of things to be afraid of but it is now.

I know this sounds crazy. I think I know what house you’re talking about here. Buy it. Not trolling.

I wonder if it’s the old vacant rundown house at Lowell and 34th. That place is reputedly infested with raccoons and squirrels. You deserve more than a 500k discount if so.

DP: OP specifically said it was an area where teardowns don't happen. "If it was in a different location I bet it would go as a teardown but our neighborhood hasn't really embraced that concept and I don't think a developer would see it as a great return on investment."

Who cares what other people do! If OP wants and can tear it down do it. The return on investment is will you enjoy and can afford living there. I would never make a decision like this based on what neighbors don’t do.

Why so loud with your response? I was simply quoting what OP said in response to the PP who thinks they know which house it is, then another PP chimed in thinking it was a house on Lowel and 34th. If it was that area a developer would have already purchased it.

What was “so loud” in the PP’s response?

[Anonymous]

OP here again. Ok, we're knee deep in the research of this thing and I'm thinking that it's just more than we can handle, but my husband feels like he wants to see it through to the logical end. The realtor has agreed to let him bring a friend who is a contractor to see it, with the understanding that after this we need to submit an offer to bring in anyone else. It sounds like even though they are listing as-is they expect people will want some contingencies but you never really know until you try.

Financially it looks like we could borrow more than I thought and my husband thinks we should offer a little less than asking. I have made it clear that living in the house during the first wave of cleaning/repairing is a no go for me, so we would stay in the rental until our lease ends.

For those wondering about the house, I'll just say that it's the not the one someone suggested it was. As far as teardowns, there has historically been a real ceiling in our neighborhood in terms of what people are willing to spend and the few houses that developers have torn down have sat for a while and eventually gone for the same price as the nicest updated originals. So that's why I say it's not a great return on investment for someone just looking to flip it, they're not going to walk away with all that much if they start from scratch. For us it's different, because the return is that we get a house we can (maybe) afford in a neighborhood we love and thought we were priced out of.

[Anonymous]

I think I might know the house and I think the owner had to move to a nursing home 10+ years ago and the kids did not want to deal with it so it is not a murder story or anything.

Someone use to mow the grass and keep up the exterior but that stopped during covid. They did finally move the cars with tired that had rotted off.

I think it could be a nice house but I do worry about how little attention it has gotten in the last 10 years. My kids always say that there have to be large creatures in the attic.

If you can stomach a remodel I would totally do it. But I would plan on $200-300K.

[Anonymous]

Anonymous wrote:OP here again. Ok, we're knee deep in the research of this thing and I'm thinking that it's just more than we can handle, but my husband feels like he wants to see it through to the logical end. The realtor has agreed to let him bring a friend who is a contractor to see it, with the understanding that after this we need to submit an offer to bring in anyone else. It sounds like even though they are listing as-is they expect people will want some contingencies but you never really know until you try.

Financially it looks like we could borrow more than I thought and my husband thinks we should offer a little less than asking. I have made it clear that living in the house during the first wave of cleaning/repairing is a no go for me, so we would stay in the rental until our lease ends.

For those wondering about the house, I'll just say that it's the not the one someone suggested it was. As far as teardowns, there has historically been a real ceiling in our neighborhood in terms of what people are willing to spend and the few houses that developers have torn down have sat for a while and eventually gone for the same price as the nicest updated originals. So that's why I say it's not a great return on investment for someone just looking to flip it, they're not going to walk away with all that much if they start from scratch. For us it's different, because the return is that we get a house we can (maybe) afford in a neighborhood we love and thought we were priced out of.

You could do a contract with a 10 day (or however many days) contingency period to allow you to have contractors come in. We bought a house under conditions like this in Maryland, sold as is, no warranties or representations, but we asked for (and the seller agreed to) a 10 day contingency period where we could cancel for any reason and then if we didn't pull the contract went hard. This allowed us time to have a contractor, mold inspection, well inspection (has a well), septic tanks, etc. You could try this route too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here and thanks to everyone for such a quick round of replies. My husband has been doing math today to see if we could stay in our rental to the end of our lease in the spring and still afford the house. I just asked him to check in with the realtor (they've been trading texts all day) to see what the options would be in terms of an inspection.

It's so funny, $75-100k sounds like so much to me but I've never done any work on a house before so I can see that I may be clueless about what it will really cost. We probably can't do more than that, so that's something to really consider, beyond the ick factor. Also, the idea of things living in the walls...yeah. That hadn't been on my list of things to be afraid of but it is now.

I know this sounds crazy. I think I know what house you’re talking about here. Buy it. Not trolling.

I wonder if it’s the old vacant rundown house at Lowell and 34th. That place is reputedly infested with raccoons and squirrels. You deserve more than a 500k discount if so.

DP: OP specifically said it was an area where teardowns don't happen. "If it was in a different location I bet it would go as a teardown but our neighborhood hasn't really embraced that concept and I don't think a developer would see it as a great return on investment."

That’s true- I wasn’t thinking of the address PP listed. Re-reading, though, I don’t think it’s the place I was thinking of, either. What are the chances?

[Anonymous]

The renovation cost is doing to depend on square footage and zip code. Rich DCUMers live in places where it costs 20k to do a powder room. Not so out here where I am. It might be doable.

[Anonymous]

Remember there is a “McLean tax” and remodels in top neighborhoods cost a lot more for no real reason. Lending is difficult and inflation is high right now. It could be great long term but if you run out of money you’ll be really sad about it.

[Anonymous]

Anonymous wrote:The renovation cost is doing to depend on square footage and zip code. Rich DCUMers live in places where it costs 20k to do a powder room. Not so out here where I am. It might be doable.

Not sure where you live but I am firmly in the Va suburbs and 20K would be a deal. We just got quoted last week 60K for a small hallway bath in a 1960s house.

[Anonymous]

I developed a serious autoimmune disease at 13 years old 3 months after living in an old gross home. The cleaners missed the mold in the ductwork and behind the drywall. Don't risk it if you have kids.

[Anonymous]

More like $400k OP

[Anonymous]

Anonymous wrote:I developed a serious autoimmune disease at 13 years old 3 months after living in an old gross home. The cleaners missed the mold in the ductwork and behind the drywall. Don't risk it if you have kids.

I'm not an expert, so I don't know how reliable they are, but have your husband take a mold testing kit with him during the visit with his contractor friend. Look for signs of water damage.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The renovation cost is doing to depend on square footage and zip code. Rich DCUMers live in places where it costs 20k to do a powder room. Not so out here where I am. It might be doable.

Not sure where you live but I am firmly in the Va suburbs and 20K would be a deal. We just got quoted last week 60K for a small hallway bath in a 1960s house.

I believe this. There is more demand than supply for renovation work.

[Anonymous]

Your estimate of $75,000-$100,000 to fix up is laughable. This will cost you AT LEAST $250K to fix up and probably closer to $400K. There is a REASON it's priced so much under market, and that is because that is how much it will cost to fix it up. $100K for the kitchen, $20-30K for each bathroom. Another $100K for gutting it down to the studs and rebuilding + dry wall, $50K to do the same for the floors. You have no idea.

[Anonymous]

Anonymous wrote:Your estimate of $75,000-$100,000 to fix up is laughable. This will cost you AT LEAST $250K to fix up and probably closer to $400K. There is a REASON it's priced so much under market, and that is because that is how much it will cost to fix it up. $100K for the kitchen, $20-30K for each bathroom. Another $100K for gutting it down to the studs and rebuilding + dry wall, $50K to do the same for the floors. You have no idea.

I agree, I’d estimate $300,000 for a contractor to start a whole house renovation right now. Some wouldn’t even quote a few bathrooms for less than $100,000 minimum.