I have come across an unusual construction type I am not familiar with. I need some advice. A family friend has offered me a property that may be a great deal. It's in a major university town in Florida. She wants $47k for a 3/2, 1500sf, on 1 acre at the entrance to a subdivision of houses that sell in the mid to upper $200k range. Some houses in the subdivision are valued over $300k. The property is on a major city road indirectly located between a major university and a smaller college. Zillow estimates the house is worth $157k. I'm going to run some comps from the MLS tomorrow, but the construction type is unusual, so I'm not sure how useful the comps are. I would use it as a student rental property. If it was a conventional house, I could rent is for $1,200/month. I plan on paying cash. Sounds pretty good, right?

Now the property negatives. The house is a concrete geodesic dome house built in 1972. Even the carport/garage is a concrete done. I know very little about dome homes. I have heard they are strong and energy efficient, but other than that I know nothing. This house has been vacant for at least 3-4 years. Trees have grown up in the yard to the point you can’t even see the house from the road. The property appraiser just changed the parcel to a vacant lot. Since the house has been vacant so long I will be required to bring the electrical system up to current code before a new power meter is installed. The windows are original. I’m sure the kitchen, bathrooms, and all flooring will need to be completely redone. I’m going to see the inside of the house next weekend and estimate repairs costs (I don’t live in the same city as the house).

My questions are:

• How difficult is it to work on a concrete dome house? I have experience with building/rehabbing stick frame homes.
• Will I need a specialty contractor to rehab the house and bring it up to code? I’m not sure if any contractor is up to the job.
• Will I be able to finance the house and pull my cash back out once the rehab is complete?
• What is involved with getting the property appraiser to show the parcel has a house?
• How much below market rent would I need to be to rent a geodesic dome home? I plan on making it look like a cute cottage, sort of like a hobbit house.
• I’m told there may be a water leak in the living room. I didn’t think concrete homes would leak. What is involved with repairing a roof leak on a concrete dome home?

I think the lot is worth the asking price, but I’m not interested in knocking down the house and building a new house at this time. If the house can’t be rehabbed, I’ll pass on the deal. Any advice on dealing with a concrete geodesic dome house is appreciated.