I've got my eyes on a potential investment property but am unsure of whether to proceed. The property was built in 1910, and has at some point since then been vacant. It's located in a smaller community in West Virginia, with prices on surrounding properties ranging from $150k-$250k. This property is FSBO for a whopping $15k, which sounds too good to be true. The owner says access to the house is blocked by a creek, which would need to be remedied by installing culverts or suing a neighbor for easement. Owner financing is a possibility, with at least $4k down. I am unsure of the rehab costs for a property like this as well. Any advice on how to proceed?
What part of WV? Installing a drain pipe to cross the creek isn't very expensive.
I'd check roof, foundation, wiring, and plumbing on the house. Some of the old houses have the old knob and tube cloth like wiring. With it being old and vacant I would just plan to have it all re-plumbed with pex.
Best of luck!
A vacant home (for an unspecified amount of time) in a smaller community in WV (most likely a dying community) that one cannot access due to the entrance road/bridge being blocked by a creek (suing a neighbor an easement!!)....selling for 15k.
Do you have $100k immediately accessible for rehab and can you do ALL the work yourself? That may get you started.
@Devin L. Cline - Proceed with EXTREME caution. You could run into a brick wall with either of the options the owner suggested to you. Then you're stuck in the same position they're in now.
What's the condition of the house itself?