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.  

[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.  

[Brian Pulaski]

Where in CT? I avoid houses older than 1950, although I did go after a 1930 bungalow after seeing it and determining there were no historic issues, Electrical or asbestos problems. For fix and flips they don't always make sense, but a fix and rent it might not be a bad choice if the price is right. 

[Craig Bellot]

Depends on the amount needed for rehab. Not sure where it is but a 2500 sq ft 5 5edroom house in CT I assume would gross about 1.6k in rental income if that. 

If you can get it rehabbed for 80k or less I would say go for it. 

[Mike McCarthy]

I'm living in an 1850's house now that was pretty much renovated before I moved in. It's a lot of work, and even with a gut, there will be things that need to be fixed that you didn't even know existed.

That said, if the math works out with an extra 20-25% rehab buffer, I don't see any huge issue.

Be sure to ensure you don't have any significant foundation issues, that's one area that the money can really start adding up quickly.