Free Historic Home. To do or not to do?

[Chris Nelson]

There is an investor building a 110 unit apartment complex in Downtown Wilmington in the historic district. Part of his deal with the city is that he will give away the historic home he owns on the adjacent property so that it can be moved and preserved. He said it would cost roughly $15,000 to move it. He is serious about giving it away. The home was built around the early 1900s. It's a 3br, 1ba with hardwood floors and typical historic charm. The downtown area in Wilmington has a bit of a stigma as a rough area but nothing compared to where we've lived in Baltimore or Dallas. Property values are fairly depressed but the rental market is very strong. It's a happening place and people want to rent here. We also happen to live downtown. I had the thought of offering to accept the home if he would be willing to finance the move and purchase of the lot. We really don't want to eat up all of our available cash on this deal and I'm pretty sure we couldn't finance something like this. Please send your thoughts and suggestions BP community!