100+ year old houses?

[Michael Healy]

I admit it: I love old houses, especially those built in the early 1900s. Yet I always hear savvy investor types talking about only investing in post 1990s houses or similar criteria. I know real estate investing is about, well, investing. But I wonder if anyone has been financially successful while pursuing older homes? Lead paint always seems to be a huge concern in these homes, as well as fuel efficiency. Perspectives from old home investors appreciated. Michael P.s this is relevant because I'm in contract on a multifamily built in early 1900s with lots of original detail, windows, etc. I know it's going to be a bear to restore and maintain but I can't help myself.

[Elizabeth Zieman]

I'm an architect/investor in Fairfield County, CT, and I totally feel your love of older homes.  I have to admit, I sort/filter my property listings to 1880-1930.  I have credible professional reasons for this, and here goes:

Pre-1870, buildings are likely not stick-framed, will be framed post-and-beam.  The walls thicknesses will be a disaster when replacing doors and windows.  And nothing will be to code, so if you open up any wall be prepared to open your checkbook to whatever craziness the building inspector is in the mood for that day.

1870-1930 houses are incredibly solidly built.  Nothing present day comes close.  The framing is old-growth wood and structurally is double the density of present-day framing.  Literally double.  The exterior siding, if it is still lurking under the mold-inducing vinyl siding, allows the wall to breathe but at the same time rot-resistant.  The plaster finish on the interiors of walls just about eliminate any sound transmission.

Insulation is an issue, but if you can't insulate in the wall cavity, a layer of rigid foam on the exterior can offer quick payback.  For windows that are historically accurate, nothing beats Marvin.

The most heartbreaking thing that can happen is when an old house is stripped of it's interesting exterior trim and detail.  But it is getting easier and easier to match/copy exterior detailing using stock PVC, which paints nicely and will never rot.  I'm currently checking into a new company Intex which claims to be able to replicates and exterior trim/detail/molding/bracket at a competitive pricepoint.

Michael, or anyone else, don't hesitate to contact me about some ideas to preserve some of the unique and beautiful details of your property.  Good luck!