I recently had an opportunity to join a potential buyer on a tour of a homestead eligible home I've profiled which is available for just a dollar (more here). Unfortunately, he is not moving forward with the purchase, but now I have a lot more information about the state of the house and updated photos.
The house is still a solid rehab candidate, but it appears there are some structural issues that need to be addressed. Both the east and west walls towards the back quarter of the house appear to be sagging. Upon closer inspection the lack of gutters and a rotted soffit on the east side is directing rainwater between the exterior and interior walls, which is likely the culprit.
Determining a more in-depth cause for this problem was not possible due to the vinyl siding, but the east wall on the interior was noticeably wet. If we can assume a worst-case scenario, the affected portions of the wall likely need to be rebuilt. Not a small cost for sure, but not the end of the world for those who plan to save on costs elsewhere on the rehab with their own sweat equity. I’ve personally found now that I own a project house my friends have been falling over themselves to lend a hand. Beer and pizza certainly helps.
Another potential negative is the amount of stuff still left in the house, much of which is concentrated in the basement. Hosting a clean up party on a weekend with some friends, willing neighbors, and a dumpster or two should solve the problem of the previous tenant leftovers pretty quickly.
On the plus side the house is still all there and much of the original woodwork remains intact and unpainted. The leaded glass windows and French doors are long gone, but many of the original wood windows remain in the home and in good repairable shape.
To summarize the house is very much a project, but with such a meager cost of acquisition it allows for an opportunity for greater reinvestment. Don’t forget that half of this place is going to make you money as a rentable, large three-bedroom apartment and the added benefit of the historic tax credits. If you have an interest in the property, contact me via email@example.com.
For an overview of the homestead program click here and for additional photos of this property, click here for my album on Ipernity.