Updated over 3 years ago on . Most recent reply
Our Historic c.1841 Home on the Mississippi River
Investment Info:
Single-family residence buy & hold investment.
This is the oldest standing building in town. It was built before Iowa became a state, served as a boarding house for riverboat passengers, and numerous retail stores over the years. Electricity & indoor plumbing weren't brought into this property until the early 1950's.
What made you interested in investing in this type of deal?
We needed a second home close to my husband's office....and we love antiques & historic homes with character. This property checked all those boxes & more! It's in a prime downtown/riverfront location, so also an excellent investment.
How did you find this deal and how did you negotiate it?
We originally had purchased a small (400 sq ft) SFH in Burlington, but kept our eyes open for something downtown. This property came up for sale about 1.5 yrs later. I knew immediately upon being shown the inside it would be ours!
How did you finance this deal?
Traditional residential mortgage
How did you add value to the deal?
The Seller was motivated to sell. Accepted our first offer and didn't even come to the closing. We were shocked, but thrilled.
What was the outcome?
We've owned this home for almost 10 yrs now, and love filling it with antiques, and upgrading both inside and out. We've refinished both back balconies (overlooking the Mississippi River), exposed brick walls in the 3rd floor (only) bathroom and in the 3rd floor MBR, and last Fall we began work on landscaping the back courtyard. This Summer we are scheduled to have the facade repaired & painted (black trim). I will probably begin listing this property as a STR after that work is complete.
Lessons learned? Challenges?
I know most purchases won't be as easy as this one was. The biggest challenges are the age of the property (the floor is bowing on the main/street level, and will need major engineering work to correct, but we believe these historic properties are worth any headaches to maintain.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
We purchased both our SFHs in Burlington from Phyllis Roxlau of Ruhl & Ruhl (Burlington IA). She is wonderful!
