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Thread: need help, new house

  1. #1
    Join Date
    Jan 2007
    Location
    New Springfield OH
    Posts
    806

    need help, new house

    Well as much as like it here, it's time to move.

    We have been snooping around for a while but it seems all the places we can afford are in bad parts of town. MAr and I have decided we can deal with this location. We figure worst case scenario is we live here for a while fix it up and either sell or turn into a rental

    We found a place on the west side, technically it's not even in Youngstown.

    567 Liberty road

    It's the house on the narrow lot, right above the locater arrow
    Switch to hybrid and zoom all the way in

    It's rough. Theres a known leak in the roof. Kitchen needs redone along with the baths. Theres only a one car garage. Access to the back yard is through the garage, It has a garage door in the front and back. The Assessed Market Value is $34,500 (Mahoning County Auditors Website).

    They want $16,000 for it.
    I'm going to look at it hopefully tomorrow or Sunday
    Heres the pics the owner sent me
    I think that even if I have to put 10K to 12k in it I should be able to get my money out of it sooner or later. Even if I don't, I don't think I'll have a tough time renting it. We willl have to make a few changes in our life, slightly longer commutes for work is one. Second either the sawmill goes or I find a way to make it portable, or it goes to my brothers house. The yard would need to be fenced for the dogs. From what I can see I may have to scale back the garden a bit. So am I crazy or not. I'm not afraid of the work.

    I'll get some better pics tomorrow hopefully

  2. #2
    Join Date
    Jan 2007
    Location
    New Springfield OH
    Posts
    806
    A few more pics

    I also just realized i think it has hot water heat, which means I can tie in my outdoor boiler pretty easy and use my heat exchanger to heat the garage

  3. #3
    Join Date
    Nov 2006
    Location
    London, Ontario
    Posts
    3,351
    It'd sure scare me. I couldn't handle that kind of work with a full time job and my kids underfoot.

    Looks to me like the kitchen is a gut job, as is one of those bathrooms. Is it even livable during the renovation?

    The garage looks a bit odd, was it tacked on later? I wonder if it'd be more sellable to put up a 2 car garage in the back yard and knock off that 1 car garage and replace it with a driveway. Crazy idea, perhaps.

    Looks like hardwood in the photos. Is it real wood? If it is in good shape that is a plus, but from those photos I'd check for water damage.

    On the plus side, the place is totally empty, so nothing is hidden behind or under furniture. What you see is what you get!

    Before you sign - get the realtor to pull some comp's on the neighbourhood. Find out what houses have sold for in that area. Then check out the condition of those houses. That will give a good idea as to what this house could sell for if it is in good condition.

  4. #4
    Join Date
    Jan 2007
    Location
    New Springfield OH
    Posts
    806
    Art
    No kids and I only work part time. well technically

    I did just get off the phone with the guys contractor. He figures the roof on the mid section needs ten sheets of plywood
    The plus side, I think I have enough steel roofing to cover that

    The roof over the porch needs completely ripped off and replaced.
    According to him the kitchen needs guttted. As does the half bath. He said the main bath is usable but it would need a a little work for the time being. But it would need an overhaul down the road

    The hardwood floors in the kitchen will need to be replaced. The rest of the hardwood flooring just needs refinished.

    Livable? I have no idea yet.

  5. #5
    Join Date
    Nov 2006
    Location
    London, Ontario
    Posts
    3,351
    Quote Originally Posted by Robert Mickley View Post
    Livable? I have no idea yet.
    Well, you would also have a moral imperative to rip out that hideously tacky 1970s bar in the basement.

  6. #6
    Join Date
    Oct 2006
    Location
    ABQ NM
    Posts
    29,079
    Looks like a pretty big project, but nothing that can't be done with some work. Living in the land of half-million dollar fixer-uppers, I'm still trying to wrap my wits around the price. $16K might buy a tent in in someone's back yard out here. If the market value is anywhere near the appraised value, it seems like you should be in good shape if you fix it and decide to sell it.

    How's the elevation flood-wise? It is high enough above the lake to stay dry if spillway on the dam can't keep up?
    When the going gets weird, the weird turn pro. - Hunter S. Thompson
    When the weird get going, they start their own forum. - Vaughn McMillan

    workingwoods.com

  7. #7
    Robert,

    Hate to say, but I think that 10-12k would be eaten up just in the kitchen. Dunno where you work at, but I have a friend in Madison...near Mentor. For about an hour away there are reasonably priced housing deals (with land). I think you could get a fairly nice house with a couple of acres for under 150k, or a house in the city for under 70k, that you could live in without pumping a slew of cash into it. Them figures could be a lil high, too. It's definitely a buyers market in Northern Ohio right now. PM me if you want me to have my buddy look around for ya.

  8. #8
    Join Date
    Jan 2007
    Location
    New Springfield OH
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    Quote Originally Posted by Art Mulder View Post
    Well, you would also have a moral imperative to rip out that hideously tacky 1970s bar in the basement.
    LMAO, you will get no arguement from me there Al

  9. #9
    Join Date
    Jan 2007
    Location
    New Springfield OH
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    Quote Originally Posted by Vaughn McMillan View Post
    How's the elevation flood-wise? It is high enough above the lake to stay dry if spillway on the dam can't keep up?
    Theres a good question Vaughn. I intend to interview the neighbors tomorrow

  10. #10
    Join Date
    Nov 2006
    Location
    Tokiwadai, Japan
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    2,882
    Robert,

    How old is the house? Is the structure all original? Any major remodels or add on that were done should have permits, and I would make sure with the building department...not just the owner/contractor. What about structurally? Foundation? Electrical? Plumbing?

    You need to know these before you seriously consider a bit to buy.

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