Historical home, is it worth flipping?

Question

Historical district home that needs 30k In work.

In Cleveland, oh. On the west side

Is this worth the money? Or is it a bad investment

James Wise · Answer

Not enough information in your question for you to get any sort of productive feedback.

What is your acquisition cost?

What is the scope of work on that $30k reno?

What is your projected ARV?

What is the address?

Dan Sarao · Answer

Personal experience of rehabbing a home in a historical society, it is a pain and slows things down significantly.

Victor Vella · Answer

In a suburb or Cleveland proper. Some areas have strict architectural repair requirements on houses they are designated historical, century homes or in a “ historic district”.

make sure your contractor doing the work is familiar with the community standards if there are any.

Dan Sarao · Answer

George it absolutely depends on the neighborhood and the economics of the deal and return (what you get it for, the actual cost of repairs and the after repair market value supported by relevant comparable homes).

Unless it is in a historical district (which has its own list of hassles and complications that should be considered) or it ancient I wouldn’t think of it much differently.  Older houses are pretty common in Cleveland.

Just make sure that you have a good home inspector, like with any property.  Make sure things that relate to safety and the major components have been updated at some point.