I thought I was done with rookie mistakes

26 Replies

Wow. It sure is pretty.  Is any logical portion of it livable, and what are the structural issues? (ie is the lower floor mostly functional? would you be able to fund the repairs if you are going to live in the house rather than selling it?

For what it is worth, my parents bought a house (years ago) that was "half habitable", as in, half of the house was habitable (actually, closer to 1/3). The area that was water/wind proof and had plumbing was partitioned off from the derelict space, so it was livable.  It turned out there were low-interest rehab loans avail through federal grants at the city level, though it of course took MUCH longer and cost MUCH more than they had expected. It was a labor of love, & really nice when finished.

This isn't an investment. Have you figured out if you have the money to do the repairs and the patience to live with the problems for about 4x as long as you think they should take?  Numbers aren't everything, & don't show ambiance or the "feel" of the place, or the location & surrounding area (and quality of schools), & if this is the "Mansion on top of the hill" of the area the area comps may be low. Would Airbnb work in your area with this house if it were fixed? Does the layout of the house/your temperament lend itself to that type of house-hacking?

Unless you can do a lot of the repair yourself, contractor cost will kill you.