Sometimes a House You Hate... Grows On You
What happened?! Where are the new updates to Landlords On FIRE?
THIS LOF got BUSY with a new deal. I spotted a house I thought might work as a rental property, and did the research. A c.1895 Victorian just south of Lilly downtown.
I spotted the property on the MLS a little more than a month ago, and thought initially that it *might* work as a rental. But after walking the property... IMHO this was NOT a rental property I would be interested in renovating or property managing.
My significant other asked, "Would this work as a new home for US?"
The more I thought about it, I thought: NO - this would NOT make a GOOD home for us - BUT IF "RESTORED" (instead of renovated") this *could* be a GREAT HOME for us.
My wife and I have been looking for a larger house to move to for the past 2 years. But none of the properties were in the sweet spot. Even this property is in an area that most would consider a food desert - the nearest grocery is 1.7 miles away. Having a walkable grocery store was a must, but we're willing to give it a go.
What we found:
Garbage. Lots and lots of garbage. No utilities. No power since November 2019, no water since before that.
All rooms - including the kitchen - have high ceilings. Most are under utilized. Imagine 42" cabinets in place of those 30" cabinets with soffits.
Most of the original wood work details are still intact - including a mantle chained to a column to keep it from being stolen.
A wooden staircase that was probably once very grand, but today needs a lot of TLC.
Upstairs, the doorway to the master bedroom is right off the upper landing. Most of the original wood paneled doors are in-place and intact.
Three more bright bedrooms upstairs with hardwood floors everywhere that appear to have never been refinished...
Glass transoms above bedroom doorways, and the entry doors downstairs show how homes were cooled via good circulation prior to the advent of air conditioning. All showing lots of promise if restored with TLC...
AND... Trash.
Lots...
And LOTS...
Of Trash. Approaching waist high in places.
Even signs of drug activity & scooter "chop shop" activity. All in one house!
But the basement is dry, large, with separate areas for possible laundry, workshop, and storage. Trash, but trash that could be cleared away for a few hundred $$, and immediately add $1,000+ to the value of the property.
Financing: I made an all cash offer, with an offer to close in 2 weeks. The property was pending within 2 weeks. The process has stalled for over a month as issues came up during the Title search - but that's all to my advantage. The owner is proving old liens, and proving old mortgages have been paid. From one perspective, it is FRUSTRATING to be unable to jump in and get-to-work restoring the house... BUT... clearing up potential Title issues NOW will make it easier to sell should we decide we don't want to live here long-term.
The owner even sent a check for $5K to pay off an old debt. Which in hindsight I wish they'd just waited, and paid that $5K at CLOSING... because now we're waiting on written confirmation from the payee that check cleared, and the debt is cleared.
The backyard is a jungle. The mosquitos will carry you away if you're not careful. All things that can be fixed. In a C-neighborhood where every-other-house is being renovated. This is the kind of project I look forward to working on for the last half of 2020. All the best!
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