Would you take the risk?

[Michael Baum]

So I came across this place in Gold Beach, Oregon. It is huge at over 8k sqft (over 11k with garage) and right on the ocean. It is quite the place and only 1.5m smackeroo's. 

The only issue is...it's sinking. The place wasn't properly built on piers driven into the bedrock and it is now sinking on one side but most likely the entire foundation would be in need of helical piers installed all around and the estimated cost is 580k to 980k.

That is assuming it CAN be stabilized and that it wouldn't be more to fix it.

Would you take the risk? Estimated after repair value is around 5m. It sits on over 11 acres on the ocean. 

Now Gold Beach has a lot of restrictions on STRs but I thought this was an interesting thought exercise. Buying a property that could be a home run or a huge hole you toss money into could come up from time to time when looking for a new investment.

https://www.realtor.com/realestateandhomes-detail/95100-Pige...

I bet AJ Wong knows something about this place!

[Henry Clark]

OP if it was in our market distance I would take the shot. 

1.  Measure the feet in front and in back full length of building.  Get quote to install shore abuttment steel.   Disregard the stone they put up front that won’t stop anything.

2.  Get wrote from basement lift companies on the floor and structure.  

3.   Get quote on finishing walls and floors in the house as needed.  

4.   The profit is in the land.  With 11 acres you can have 3 to 4 house sites that barely see each other.  Check on subdivision, road access, utility access.  Check prices of lots.  $500,000 to $1mm per lot possible.