Making on offer on abandoned triplex...

[Joe Edwards-Hoff]

So, there is an old (1900) house near the college in my town. I don't know how I've never noticed it before, but it is sitting abandoned. It looks as if this 3300sqft home was converted into a triplex. The current owner bought it for $60k in 1988. They now like in Portland OR ( I am in Central WA). Frommy internet searching, the husband is a lawyer, I think. The wife is 68 and on their neighborhood committee. I got her email and tried opening a dialogue as to whether they'd be interested in selling. I told the truth that I am actually hoping to find something for my wife and baby on the way. Hopefully I hear something back.

Any thoughts, suggestions, ideas? One problem is that don't think I could get the financing for what the property is worth, or even for what it'd still be profitable at. DTI isn't good enough being a school teacher with a wife finishing nursing school.

Here is a pic

[Joe Edwards-Hoff]

Well-

Residential street, surrounded by other houses of its size and type. It is a historic type neighborhood. (Not zoned that way, but that's where all the old fancy houses are)

There are several other multifamilies in the vicinity. Seems like most of the town has them, being a college town.

Main driver- the house looks BA... I can't deny that I love old houses, and depending on the work involved, it has the potential to be a great deal. Each room would rent for 700+.

It is listed on the tax assessors site as being a multifamily, so I assume that everything if permitted, but I am not certain.

You're list of possible rehab needs is very realistic. It is possibly more work than I originally anticipated, but I also have done pretty all of things myself before. I'd probably plan to live in it and fix it as I go. Or at least after the main work was done. Maybe I could get a rehab loan? Who knows, it'd all have to be in the Lord's timing, but if it looked possible and I was able to get financing in the fall once my wife was working, it could work out. We'll just have to wait and see.