If you don't think real estate is high stakes gambling, you better stick to tilling soil.

John,doubt it would be from the tree, but you never know. if the sewer line runs under the slab, it may be that is a break in the line, it is leaking, and washing away the stone and soil under the slab. that slab must not be that thick for the slab to sink like that. are there any cracks in the floor ?

I'm in new york city and see a lot of Hurricane Sandy victims still up for sale.

Thanks everyone, I initially thought it was a path I wouldn't be able to pursue, on the wholesaling front, but I was in a conversation with a guy at a reia down in Sandy utah last Thursday that said it might be an option.

You should get in touch with the county/city soil conservation department and have them test the soil.  

GARBAGE $4,500.00 $750.00 LANDSCAPING $10,000.00 $1,500.00 DECKS $0.00 $1,000.00 MISC PICK UP LABOR $1,500.00 $250.00 JOB TOILET $720.00 $150.00 PRINTS $0.00 RENTALS $900.00 $100.00 DEMOLITION $0.00 PAVING $0.00 TREE REMOVAL/CONSULTING $0.00 SOIL EROSION FIRE INSURANCE LIABILITY INSURANCE $1,200.00 INTERIOR DECRO OVERHEAD & PROFIT  (Builder)  $30,272.45 $6,033.21 CONTINGENCY 1% $6,054.49 $1,206.64 HARDCOSTS TOTAL $641,775.94 $127,904.05 LOT PRICE $72,000.00 $12,000.00 SUB TOTAL $713,775.94 $139,904.05 REAL ESTATE COMM

Is anyone heading to the auction on May 11th in Hauppauge NY?

I am thinking Smyrna, Sandy Springs, or Vinnings...somewhere like that.  

Someone mentioned a 4000 sq ft footprint.Get the architect to do a real quick basic design.The architect can then do an estimate on live and dead load.Then do a boring on site with the geotech to make sure the soil condition can support the building.If you are lucky, no special site prep is required.If soil condition isn’t ideal, then prepare to spend money on driving piles or other types of site prep to support the building.Once you have these basic information, then you know you have a technically feasible 12 apartment building.A couple days of feasibility study won’t cut it.The geotech information will be given to civil engineer and structural engineer.They will design the proper foundation.Structural engineer will design the load bearing structures.I personally like steel beam construction and concrete but they are more expensive.Civil and structural will work to design to seismic codes.Mechanical engineer will do the plumbing and HVAC.Buildings need to breathe or they’ll rot from within.Electrical engineer will design the power distribution with appropriate protection circuits.Mechanical engineer will need to spend time to research and work on sewer connection to city or county sewer lines.If design requires digging up a public road for a tie in, it’s on your dime.There is a basic connection charge to tie in your sewer line.Check with city of Bellevue on which IBC they are using.

As one to lose your virginity on, it looks fairly OK.My first house was one much like this - I got it under contract for $32,000, realized during inspection that the basement was collapsing (we rarely see basements here in Texas because of shifting soils), and got the bank to lower the price to $22K.