Rehab Analysis-1890 Brick House w outdated floorplan; Help/ideas?

[Grant Vincent]

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I'm analyzing this a few ways, but I need to start with the renovation budget. While running the numbers on the flip, STR, LTR and BRRRR scenarios, I wanted to gather some opinions from the community to see if anyone has insights on rehabbing very old properties.

The costs reflected in this linked report are intended to estimate costs high and they are mostly based on the existing floorplan; HOWEVER, I am strongly considering floorplan changes that address the outdated layout. Because I have not determined the best way to address an addition or floorplan modification, I suspect my analysis may “double-capture” portions of some budgeted items (plumbing, electrical, etc.) and be way high.

Sorry I don’t have actual pics of the interior, but I will post the county’s floorplan sketches.

Subject Property Fast Facts:

• - Not a registered historic home, just very old.
• - 1890 Construction; brick (original house) & vinyl-sided (1-story addition)
• - 3Bed/1Bath; 1 bed and bath downstairs, 2 beds and 1 extra community area upstairs
• - Originally a 3Bed/0Bath. Built before indoor plumbing. Eventually a bathroom, laundry room, and mudroom were added (all downstairs; addition is vinyl-sided exterior).
• - Full reno needed
• - New septic needed
• - Replacing electrical
• - Replacing plumbing. Luckily(?), 100% of plumbing is currently located in kitchen and rear addition.

Interested in general feedback or feedback on any of these points:

1. Did I miss anything?

2. How do you source bricks to match the 130-year-old bricks and how do you project costs?

3. Costs to put a beam to open the space between existing kitchen and LR?

4. Options & Costs to reconfigure the layout? 

Would like to see it be a 3/1.5, 3/2, or 4/2. Presumably, the big front room downstairs would be the master bedroom with separate exterior door; however, you have to pass through a living room and kitchen to get to the house's only bathroom! The addition with the bathroom is only on the ground level. It's low quality and needs a new roof and gutted to the studs, anyway. I’m considering reworking the existing downstairs addition to be 2 stories in order to add a second (full or half) bathroom upstairs and/or doing something more productive with the wasted community space connecting the stairs and upstairs BRs (i.e. - add a bathroom there or create a 4th BR).

Thanks and sorry! I know this is a lot. Starting to think the only way to profit is finding gold bars stashed in the walls of this place.