Investing in 1900s housing
Anyone have any suggestions on buying property build in 1900? I ran some information through the rental property calculator and it seemed like a great return. But what worries me is the age of the home. Would the age outweigh what seems to be a good return? And if buying a listing price would it leave me a safe exit strategy?
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I have several. I love them. However I buy ones that are in horrid condition, deal with the old fire damage, failing foundations and subfloors, incaving chimneys, roof constructed with 1 by 3 s instead of say plywood, no HVAC other than area heaters, fireplaces and window air, old termite damage, old wiring and piping. Just had a 1910 house completely repiped last week.
I consider the specific needs of the house in making the offer to buy. In the end I have a fully functional house with historic charm. BTE, that 120 year old wood is so hard you can not put a nail into it! I have 3 that are Victorian, and one that is brick. All of them are in a historic part of town with many other similar aged houses. They are actually popular and people desire to rent them, especially when they are fixed up.