need help, new house

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806
Location
New Springfield OH
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
 

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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
 

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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.
 
Art
No kids and I only work part time. well technically :D

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.
 
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. :p 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?
 
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.
 
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.
 
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.

Thanks Joe, My work is anywhere since Drive trucks. The wife on the other hand has a really good job with exceptional benefits. I don't think we are moving that far.

I'm really not in the market for a 150K house. You have to understand my wife and I aren't really material people. We just don't want to get that far into debt. Long as we have a decent roof over our heads, food on the table and a decent car to drive we are happy.

As far as the Kitchen goes, we have newer appliances, all thats really needed is new flooring, Which I all ready have a bunch of cherry sawn for. I just need to get it over to my sisters and get it in the kiln. and new cabinets. I can build those, I all ready have enough cherry or curly maple or walnut to build face frames and doors. All I need to buy there is hardware counter top, sink and plumbing,and plywood.
 
Greg, I was figuring on a trip to the county building inspectors office Monday to see what I could dig up. According to the owner it was built in 1962

If there are foundation problems, I'm outa there like a bullet. minor structural I can deal with, if it's major again I'm outa there like a bullet.

Plumbing and electrical I can deal with.

Jay
That nasty 4 letter word. With the roof problems your right it could be another reason to run. on the plus side it,s raining right now so i ought to be able to find all the leaks right? :rofl:
 
Robert,

OK. 16. Market value= 34.5. So max upside is 18.5. In a good market. It'd be easy to burn through 18.5 in materials alone. Say you're a year down the road, and the market keeps tumbling. It could happen. Can you stand the loss? Is it worth it?

I guess that's the key question: if it turns into a ton of work, and you end up stuck with it, would *you* want to live there?

By the way, folks, I used to live in Slippery Rock. Youngstown is just across the border. It gets pretty cold up in those parts! Heading into the winter, one wants a solid, closed in house... ;)

Best of luck,

thanks,

Bill
 
Robert,

Mold is definitely a concern, but can be dealt with, depending on the extent. I would be very concerned about how long the leak as been left un-repaired and the extent of water damage to walls, ceilings....and wood rot! "Needs 10 sheets of plywood" is not very encouraging from that point of view.

You have lots left to check, but it sounds like you have a plan. Good Luck!:thumb:
 
I guess I'll let you know what I find out tomorrow,


Bill, I live in an older house trailer. It don't get much harder to heat than this

Yeah Greg I know what you mean, 10 sheets has me concerned also
Of course it doesn't take much to delaminate plywood This contractor that is meeting us takes care of this guys property in the area.

You guys have all ready given me things to think about that I hadn't thought of
 
Robert, I have three words of advice. HIRE A HOME INSPECTOR!! OK that was 4 words. I am a Home Inspector, have seen some pretty strange things. I am sure I have missed a lot of things too. But it will be the best money you ever spend! I have never had anyone wish they hadn't hired me. But I have had quite few that were ever so thankful they did!

Secondly. I wouldn't discourage you. But do you really have a clue how much work your taking on there? You may know exactly, but that is not a small project. I like doing and would love to flip houses, but that is a BIG project house. The price alone raises some serious Red Flags. for me.
 
I'm like Vaughn, kind of hard to wrap my head around a house, with land for 16K :huh: :dunno:

Just a question, is that a prison off the the right on the map? Two star shaped buildings surrounded by high wire fences............ or is it a high school :D

Good luck, if you can get the materials on the cheap, and do the work yourself when you are not driving truck, you could be making some money.

Cheers!
 
Well Jeff, your the only home inspector I know, so pack your bags :D
I don't have a problem with that Jeff providing my inspection this afternoon warrants further action. What should that cost me?

AS for how much work, yes I know exactly what I'm getting into.

Stu
Yeah its a prison. Ohio State Penitentiary Been there since 98. never hear anything on the news about the place so I'm not to worried about it. I realize it effects resale value.

I look at things a little different than most folks. One of 3 could happen IF we buy this place

1 we get it fix it up, end up with great neighbors and never move
2 we get it fix it up, Decide in 4 or 5 or 10 years it's time for a change then we sell it
So if we buy at 16k (i may offer less) put 20k in it thats 36k
Lets say in 5 years we decide to sell it On a 15 year $25,000mortage at 8 percent I'll still owe $24633.94

But I will have saved $15,000 in rent, provided my rent doesn't go above $250 a month.
So even if I only ever get out of it what I owe I'm not out anything.

Right now I'm throwing away 3000 a year

3 it becomes a rental
 
Looks like you have it figured out, providing that there is nothing major wrong with it........... well, we shall all enjoy the step by step renovation for sure!

Cheers!
 
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