Small lake House - Big Issues, I want it anyway?

[Chastity Cortijo]

Small house on the lake. 50k. Inside needs paint and cleaning. Why is it so cheap? Septic needs replacing. Foundation has several vertical cracks. Been vacant for a lot of years. Because - and only because - the inside is in great condition AND it's 10 min from major skiing, water parks, hiking trails, brewery, wedding venue, Adirondack trail, and some other fun stuff, I am seriously considering it and everyone in my circle is telling me to walk away. I've gotten quotes so I know the dollars for septic and foundation. Wild. My issue is, because I'm using my BP calculators, im seeing as the possibility being beautiful. This would be most profitable as STR. I feel like my naysayers are being emotional and just looking at the upfront costs. I know sh*t always comes up after the fact, but I'm not afraid. I just keep looking at the potential. What would you do? Are you that daring? What other issues can I expect when a septic fails or the foundation needs repair?

[Pat L.]

Up here the land alone would be worth $50k & you can't get a shack for <$90k.

We have had several local 'shacks' bought & then they built McMansions that are beyond impressive & certainly improve the area. One neighbor recently bought a barn type building that I bet he spent >$90k on rehab/septic/landscaping then another $35k for foreshore reclamation. 

 It took 2 years for the two of us to do a complete rehab, but my wife now has a new 23x13 kitchen that has 22x7ft of window(s) as a back-splash over looking the Lake.

Unless you're ocean side you can't beat the tranquility of a Lakehouse.

Do it!!!