My husband and I purchased a 3 bed, 1.5 bath single family house builtin in 1929 in Akron, Ohio 44303, a great neighborhood with good schools.
We bought it knowing it had significant structural issues. That has been fixed- multiple posts installed, french drains and a sump and wall bracing around the entire basement. They did jack up the main level and upstairs of the house, but it's still crooked.
Our plan is to flip it, but I think a retail buyer will be turned off by the obvious jankyness of it. If you stand in one corner of the kitchen, you can easily see the floor drop away. Additionally, a lot of the trim is visibly crooked.
I lived in Akron for a year and am now in Denver CO. In Denver, this crookedness would be a huge turnoff. We're unsure how much to fix up the house- do we put in a new kitchen, refinish hardwood floors and clean up the bathrooms (~+$25K) or do we just paint and pretty it up a bit and get rid of it?
For those of you who know the Akron market better than I do, are slopy floors a huge turnoff to buyers or somewhat expected in an area with older homes?
In that zip, it really depends on the address. Down in the south part of that zip (especially south of the circle K) you won't be able to get much money out I don't think; as a rental the floors *probably* won't matter too much though I'd want to see a pic before really deciding.
Which part of 44303? Akron varies greatly street by street. The southern part of 44303 can be pretty rough but the northern part is generally nice.
It's on Mentor Rd, east of Merriman. We have pictures but they don't really show the crookedness.
We currently have ~$85K into it and think it would be worth around $140K if we fully fixed it up, probably $110K if we just clean it up a bit and put it on the market. We're leaning that way since I'm concerned we wouldn't get top of market with the slopiness even if it had a shiny new kitchen.
We're not interested in renting it ourselves- we've realized we suck at out of state investing and want to sell it and move the money to an investment closer to home.
I've been surprised by a few people I know personally that bought a house that cosmetically was updated and looked nice, but definitely had some sloping to the floors. Like yours, the structural issues were taken care of, but the floors were never leveled. They were ok with it because the finishes were nicer than all the other houses they had looked at.
You might be surprised by the amount of people that can overlook something like that if the finishes are nice.
@Kayla V. Without getting into the class of buyer or what they will pay for, it looks like you are at 85k with a 110k value or add 25k to get 140k. So additional capital at risk for an additional 5k profit (minus holding expenses and opportunity costs on the money).
Given the price range and area, it's safe to assume you will get more FHA buyers vs conventional. FHA appraisers may flag the slopped floors. In the event to proceed with the sale, the floors would have to pass FHA structural guidelines. Might be safer and easier to just clean it up and sell it cheaper. Both scenarios CAN work its just a matter of what your gut tells you. It sounds like your learning on exiting without fully renovating (leave it for someone else perhaps). Does the reward outweigh the risk? Just throwing that out there. Good luck with your decision! :-)
@Ryan Arth Correct. We could maybe push it to $150K if it was really nice, but I don't think the spread is there for the extra work.
@Nik S. Good point on FHA- I didn't think of that. Think I'm definitely leaning towards just exiting. Paint the walls and make sure everything functions well and move on. Let a nice family put in some sweat equity if they want to make it prettier.
Thanks for everyone's input!
Depending on current condition. I would say clean and paint and move on. You still want to make sure it is FHA eligible. 80% of buyers in that area are FHA or VA. Sloping floors should not be an issue. As long as the underlying issue has been fixed.
Me and my wife just bought a duplex we are house hacking from late 1800s in Cuyahoga falls and have some pretty slopey floors. Corner round at the bottom of baseboards works wonders. Some areas we roughly leveled with underlayment and feathered it out with leveler compound but in that area you should be able to get what you want for it if you paint it is and distract away from the floors. Really desired area. Let us know how it goes!