Anyone seen anything like this before?

Question

Today I went and looked at a Hud home the weird thing is its a four bed room home split into three units It looks like a regular house but has two doors on the right side there is also a small building on the property I talked to the realtor thats in charge of the house and he said that its a fourplex  :shock:  and that he had never seen anything like it before. The house has some foundation problems. Does this sound like a messed up situation that I might be able to turn into some cash or maybe I should just pass on this one ? They are asking 42k just for the part of the house up front :D and hud does not own the other part of the house.  I was thinking maybe they would take a low ball offer since its such a weird layout and the city was crazy to approve it.

N/A N/A · Answer

Thank you for the helpful posts I am looking into buying the whole house I went and checked out the house and the foundation needs minor work I will go to the city and find out the zoning and find out if the house is approved .

Jason Shaffner · Answer

Hey REI,

Did the city approve it?  I have two homes within a mile of my personal residence that are like that.  One is a dupe and one is a tri.  Been like that for awhile.  Neither was approved.  One was sold on the condition that it be converted back.  The tri is basically uninhabitable because its a SFH chopped into three pieces.  Too much money to put back ... too much money for the developer who owns it too lose.

Don't know if its a good deal or not, but one indicator though ...

Unless you're a pro ... this is generally bad.

Good Luck,

NavyDoc

Derek Guyer · Answer

That is regularly done in many parts of the country. I see them downtown Indy and in the suburbs all of the time. One of the major problems we have with them is the zoning. If they aren't correct and there are multiple kitchens and entrances, then getting financing is a major issue. If it's zoned correctly or can even be grandfathered in, it shouldn't be an issue.

As for the deal itself, it doesn't sound like one. If there is a foundation problem and you're not going to be getting the whole place, I'd be very leary of even spending any more time on it.