Anonymous wrote:You need 400k+ to get it to a decent shape (either gut or teardown). If you don't have the cash or can't get a construction loan, then pass on it. This is not a piecemeal project, it will destroy your mental health if you approach it that way.

Agree. you need to get a very good general contractor in and assume that you won't be living in it while the reno is happening. Give it 6 months of a lot of money and effort.

We did it and we love our house. And that stage ends if you are aggressive about getting it all done. But it's not for everyone! money, constant communication with contrators, unexpected findings... It always takes twice as long and is twice as expensive as the first estimate. But it can be really worth it!

You need 400k+ to get it to a decent shape (either gut or teardown). If you don't have the cash or can't get a construction loan, then pass on it. This is not a piecemeal project, it will destroy your mental health if you approach it that way.

Anonymous wrote:I had the opportunity to possibly buy a fixer upper (not abandoned though) in a desirable neighborhood that I felt was the best and only neighborhood I wanted to live in at the time. Passed on it mostly because I didn’t want to spend the rest of my kid’s childhood working on the house instead of enjoying the house and doing other things together. Can’t overstate how all consuming and exhausting and miserable working in a house can be if it’s not your thing. . Bought a “normal” house elsewhere and am very happy. Definitely dodged a bullet. Something to think about.

+1

This is really what it all comes down to. Years of living in a dilapidated house, haggling with contractors and handymen, spending every spare moment fixing something, passing on vacations or trips you can’t afford because the house is eating up all your discretionary income. It’s just not worth it in my opinion. I would continue renting or look for a good home in a less desirable area.

Anonymous wrote:You will need to find out if it qualifies for a typical mortgage loan or if it’s in bad enough shape to need a construction loan.

+1 look into a 203k loan

https://www.nerdwallet.com/article/mortgages/fha-203k-renovation-loan?utm_source=goog&utm_medium=cpc&utm_campaign=mr_mktg_paid_041223_mortgage_dsa:hi&utm_term=adgrp_articles_146107625657&utm_content=m&mktg_hline=146107625657&mktg_body=655856136170&mktg_place=dsa-2009113015599&mktg_link=&gbraid=0AAAAADR9tpjgT1BjxpaJhSyZb9xdZeAMu&gclid=EAIaIQobChMI8ZOyx4HfgQMVz0FyCh1ADAadEAAYASAAEgJ-K_D_BwE&gclsrc=aw.ds

Can you afford it if the main areas need to be completely gutted? If so, go for it.

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.

When you and your husband have done any home projects together, how has that gone? I don't think my (very strong & healthy) marriage could withstand a project of this size and scope, so that is something else to consider beyond the money. Have you talked about who will manage the contractors, which can be hugely stressful? Do you either agree on design details or is one of you willing to concede those decisions to the other?

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.

Tear it down and rebuild. Will be cheaper.

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."

Anonymous wrote:1. Get an inspector and contractor to go through it with you.
2. Make sure to have an appraisal contingency.
3. Make sure you have funds to keep renting while you repair.
4. If there is a smell and it’s not a huge house, consider taking it to the studs if you can afford it. You may also be able to gain some functionality by taking a non load bearing wall down.

Yup to the last point. We bought a fixer (also an incredible deal -- $400,000 for a 4 bedroom in Shaw) and it smelled like 100 years of cats, so we did a complete gut -- tore down the walls and started with the studs. But the benefit of that is that everything is new and wonderful -- new electrical, insulation, floors redone, kitchen and bathrooms, obviously walls. We probably spent $200k total. We LOVE our house so much and never want to leave. It feels like it has so much integrity when we walk around -- it's solid. And smells very nice!

If you have the money and the stamina, fixers can be

My only hesitation is it’s hard to find a good, reliable contractor if you don’t already have one in this area.

Anonymous wrote:Test for mold. Test the air and the surfaces

+1. In addition to all the other suggestions, I would test extensively for mold and you should also test for termites.

Mold can be VERY expensive to remediate if it is in multiple places within the home. I also would NOT live there until you've done some of the major work.

Above all, add AT LEAST 20% to whatever the professional inspector/remodeler estimates for the work to be done. Given the homes condition there is GOING to be something they will find when they start opening up the walls and replacing floors, windows or the roof. My brother bought a 2,500 sq ft home in the same condition as you describe on a lake (for a vacation home) - the renovations were estimated at $250K but ended up being roughly $325K after they found a structural problems and water issues that the INSPECTOR and remodeling expert they brought in did not find.

We got a great deal on a vandalized foreclosure. Had every inspection to make sure it was stupid cosmetic kid damage and not more serious angry cement-down-the-drains damage. House was amazing and we made a killing when we sold.

We lived like savages for a few years while we fixed it up over time. We were young, money was tight. Our first insurance dropped us because we didn't move in right away (since we were having a crew come through and do a big push on repairs) but the next insurance company gave us no problems.

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.