Is a house built in 1840 even worth looking at?

[Christopher Kaflik]

Motivated seller is trying to get rid of a property that is in pretty dire condition.

It definitely needs a complete gut job. New roof, porch, everything. The only issue is it was built in 1840. Would it even make sense to go for a place like this? 

It has potential as a cash flow cow as it has 5 bedrooms and is minutes away from a major college.

251k ARV

It's 2500 square ft to give you an idea of how much work would have to be done. Two stories with a basement.

Who knows if you tear it down to the studs if those would have to be replaced as well. Probably not up to code either, I haven't seen the place physically yet as I am not even sure it's worth looking at.

Offer / Or run?

[Charlie DiLisio]

Sounds like a great location but I would check with building department in the event it has to be done by historical society standards.  that cost would be prohibitive.  I personally would want to see the place out of curiosity and the price of course would be nice to know.  The land may be worth a fortune if they allow you to tear it down.  Lots to do for your due dilligence.