Cost of repairs comparisons

[Marcus Melgoza]

Hey guys I came upon this property

1025 McKinley Ave NE Huntsville, Al and I want to hear your thoughts on it on a certain topic. I noticed this house was built over a century ago and when I looked at the property I noticed a lot of things needed to fix. We’re talking about sidings, roof, you name it. My question is: when I hire a G.C to give me an estimate on repairs needed will he be taking into account the fact that it’s a house built in 1900 and it’s gonna be treated as historic? If it is historic are the prices of repair going to be more expensive or about the same a non-historic house? This bank owned house going for 105k, I’m thinking I could probably bring it down a few thousand. Plus, I’m also seeing the comparables sold in the market for the last sold house in the area anywhere close to that house is 200k, but I doubt this one will sell for that price because the closest comparable is from year 1960. I need to know if the house is worth the repairs or even worth the trouble of doing all the investigating. Please hand me your thoughts.

[Deborah McDonough]

@Marcus Melgoza I agree with what Greg said—I’d it’s historic, yes it will definitely be more expensive.

I’ve also looked at that house myself and the pictures make it look nicer than it is. Expect more work to be required than the pictures are letting on. Pretty funky layout too. I’d estimate that you’d need to invest significantly more than $20k.

You are right about the area though. It will have a very high ARV. One other thing to mention is that it is still under a owner-occupied offers only period.