This Victorian-style house came as an added bonus to a triplex I purchased. Being a novice, my eyes widened at the rental potential. It touts 5 rooms across two floors. However, it's uninhabitable in its current state. I knew this going in. But I was eager for the challenge and the possibility of having so many rental units. As the estimates starting flowing in for the triplex, though, I knew the chances of being able to afford a renovation on the Victorian were slim.

This property is located just minutes away from downtown Victoria. The corner lot provides this building the commanding presence it deserves. But it's exterior and interior show the neglect to a depressing degree. Having removed the plywood and walked around inside, I was taken aback by the tall ceilings and the open rooms. The floors on the top story are robust, as are the wood-lined ceilings. My mind's eye raced at the possibility of restoring this house. I had consulted with the town and they told me that the historic district in which this house is located is by far the most relaxed. So far as they are concerned, no billboards, no manufactured / industrial housing, and there is a demolition delay, were I to choose that route. Other than that, have at it.

I know my limits, however, and realize taking on a project of this magnitude is beyond my current ability. I hate to just let it sit there, and I am in love with the corner lot, but I really cannot do much with it beyond fantasize. If anyone should find themselves intrigued by this house, please feel free to contact me. I will be listing it for sale on Bigger Pockets as well as Zillow and other platforms here in the coming weeks. At this point in my real estate journey, I could use the money more than the project. (I have some pictures of the interior, but there is a 6 picture limit here.)

What made you interested in investing in this type of deal?

I have always been interested in starting a career in real estate investing and have always had my eye on multi-family properties. This Victorian house caught my eye not only because it was a great deal (for obvious reasons) but because it crossed me as symbolic of an era when houses were built with passion, with craftsmanship, with pride. You still see that today, but not to the degree you did then. Today, more often than not, it's a "let's build it quick and cheap" mentality.

How did you find this deal and how did you negotiate it?

This property came as a bonus, you could say, to a triplex I bought. The owner had been in real estate and was at a point where he had other endeavors he wished to pursue. While he offered a few other properties as well, this brought me close to the extent of my budget. I left some room for renovations, but those funds are slated for the triplex.

How did you finance this deal?

The owner was willing to do owner financing, but the Bank of Dad offered better terms. I am looking to sell this Victorian and its prime corner lot that sits minutes away from downtown Victoria so I can use that money to work on more deals.

How did you add value to the deal?

I cannot say that I have done much more than tour it at this point and trim the weeds. But I have had people driving by stop and provide historical recounts of the property. A contractor I had out at the house had said she'd been in there when she was a teen. The neighbor across the street detailed how it went from habitable to uninhabitable. The other neighbor recounted watching the beautiful structure fall to neglect.

What was the outcome?

The outcome has yet to be determined, but I know that I myself along with the city of Victoria would love to see this building restored to its original self. Victoria is a town that prides itself on its history and you can see that when you drive around and look at the other Victorian-style houses that are standing tall.