Frame Construction 1917. Beautifully remodeled. Flipper has reduced price twice in 2 months
and now slightly below market price. So in terms of economics/appraisal it's a good deal. (I am a buy-n-hold investor).
2 stories, 1900 sqft total. Hillside construction on a mild slope, somewhere in Greater Los Angeles.
Lower level south wall is leaning very visible per the pics below.
1st pic from the outside. No optical effect this is real. As you see the upper level wall is straight and fine. But the lower level is angled. Even the water heater box, leaning against the wall is angled as well.
The second pic below is from inside, right behind that white door in the 1st pic. Look at the corner and compare the distance on the corner up and down.
Assuming everything else is normal, would you buy it and why ?
If the cash flow is good enough, I would buy and hold it. Selling it to a retail buyer will be difficult in the future for the same reasons that you are hesitant now. I've seen worse. It is repairable, so it doesn't scare me away. Buyers in the future will be scared away as they have been so far on this. Since you may have to discount it in the future to sell it, I would ask for more of a discount now.
UPDATE: The question is ONLY about the structural issue. You obviously don't have all the infos and I am not asking the question in general. My question is specific to the structural issue. GIVEN THE STRUCTURAL ISSUE, IF EVERYTHING ELSE IS OK, WOULD YOU BUY THIS HOUSE?
@Anthony Dooley interesting "I've seen worse". Is there a way to know how recent is this deformation?
For the rest I am with you. That's why I still work on it. cash flow is good for this area. Appreciation maybe phenomenal.
There isn't really a way to date it. It took 100 years to move that much. You probably won't hold it more than 10 years.
@Anthony Dooley that's exactly my reasoning.
Unless it falls apart before 10 years ;) or cause issues for tenants....etc,
Have it looked at by a foundation guy to get their opinion. It's 100 years old. If that is the biggest problem, it's in good shape.
When you have to spend $1000 to check, it becomes a tough call. Especially when these guys never commit to anything in a clear way. Sure, they give an opinion.
On a similar subject, I am now hesitating to use a certified inspector going forward. They basically tell you the obvious and exclude the tough things ... talking about structure or foundation :)
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