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Old 06-07-2010, 11:16 PM
127 posts, read 346,408 times
Reputation: 64


The property im looking at is 12,000 dollars in west baltimore.
based on the pictures they showed me it looks fine but its at a low price.
its 4 stories including basement.
1712 N Fulton Ave, Baltimore MD 21217 Home for Sale - Yahoo! Real Estate (http://realestate.yahoo.com/Maryland/Baltimore/1712-n-fulton-ave:ef8a3d4a679e7af87b0ff1a533a7cab;_ylt=At24gegxG 7vi2ItsF3UEtGNn47Qs - broken link)
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Old 06-08-2010, 09:05 AM
239 posts, read 510,947 times
Reputation: 135
1) Structure - Are you going to have to replace load bearing members? Get a real engineer, not a contractor, to inspect the site.
-Inspection: $500, any work, that depends. I'd guess $5k

2) Wiring - are you going to update wiring, ie, replace aluminum w/ copper, etc? Are you planning on adding wiring for things like multi-line cable (for DVR, etc), built in speakers, and the like.
Contractor (time and materials) - $3-4k. I don't know about you, but I don't mess w/ electricity. I hire professionals.

3) Bathroom reno. Are you going to add/subtract bathrooms?
$6k per new bathroom (at least).

4) Stairs. I see most good renos w/ expanded stairwells. Most older homes are 22" wide. I suggest 27". That's big enough for most modern furniture.
-I have no idea how to guess this. It all comes down to material, and how much wall you'll have to move.

5) Mold/Drywall. Get a moisture inspection and check around for mold. I'd leave some money in my budget to cover this clean up b/c I'd bet on it being there. No electricity=No Air Circulation=Mold
-I'd put aside $2-3k for this, depending on how long it's been sitting. If it's been more than one rainy season, I wouldn't even bother w/ the purchase.

6) Roofing. You can bet on buying a new roof
$7k for a new rubber roof.

Basically, you need to be willing to invest in an inspection, an engineer, an electrician, and a moisture test BEFORE you buy the house. I'd count on spending about $1200 to even know if the house is worth purchasing, and $25k in repairs.

edit: I forgot pest control. You need to have a termite inspection. $125. That puts investigative costs at $1325.

Last edited by KennyP; 06-08-2010 at 09:15 AM..
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Old 06-08-2010, 09:12 AM
Location: Baltimore
1,640 posts, read 2,757,902 times
Reputation: 1032
Our house is 900 sq ft. We gutted the house on our own then subbed out most of the work from there after. EVERYTHING needed to be replaced sans the floor (which we refinished) and the brick (which we polished to expose). In a small house, all new framing, drywall, entirely new electrical system, all new plumbing, adding a half bath on the first floor, fixing structural issues on the roof where a beam had been curiously cut in half, new windows, new doors, new cabinets, and new HVAC ducts set us back 40k.

Granted we got the house so cheap in Canton that 40k is a drop in the bucket with the equity gained.
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Old 06-08-2010, 02:45 PM
Location: Out of this world
277 posts, read 886,773 times
Reputation: 151
Originally Posted by cainanomar View Post
The property im looking at is 12,000 dollars in west baltimore.
based on the pictures they showed me it looks fine but its at a low price.
its 4 stories including basement.
1712 N Fulton Ave, Baltimore MD 21217 Home for Sale - Yahoo! Real Estate (http://realestate.yahoo.com/Maryland/Baltimore/1712-n-fulton-ave:ef8a3d4a679e7af87b0ff1a533a7cab;_ylt=At24gegxG 7vi2ItsF3UEtGNn47Qs - broken link)

I would guess it depends on the type of renovation... carpet, hard wood floors, tile or vinyl....a complete electrical and plumbing upgrade or just fixing what's broke....tar roof or rubber roof...Ikea or HomeDepot.....etc?

Depending on which house you buy, certain things are mandatory. For example, structure damage does not leave much room to negotiation. It's something that needs to be taken care of.

Have an inspector/engineer look at the property before you purchase. He or she can tell you what your in for.

Also, that house is in a location that may require some sort of security alarm system....just something to consider...Good luck!
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Old 06-08-2010, 04:53 PM
Location: Sherwood
5,497 posts, read 8,606,553 times
Reputation: 5016
I would agree w/ 30 -50 K as long as it's structurally sound.
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Old 06-10-2010, 02:29 AM
Location: City of McKeesport
3,991 posts, read 4,594,483 times
Reputation: 2517
It all depends on two things: the condition of the house, and what your goals are for the renovation.

I bought a 900 sq.ft. row house here in Pittsburgh for $11,000. It was liveable when I bought it but needed all kinds of work. Here are some of the things I have fixed and the costs associated with the work.

1. Termite damage. Front porch had to be completely replaced ($1300). Also had to have the house sprayed for termites ($500).

2. Brick work. Bricks needed to be repointed in some spots. ($1700).

3. New windows. The single pane windows just make the house very cold and drafty. ($1000 for four windows).

My electrical, roof, furnace, and plumbing were inspected before I bought the house and in working order. These are all big ticket items. So if the house has any or all of these in working order, that's a plus.

The house had a new bathroom addition to the back, so nothing needed to be upgraded. But some of these houses just have bathrooms in the basements (maybe just a Pittsburgh thing).

So far I have about $18,000 into my house. It is perfectly liveable and is looking very cute. However, it still needs interior cosmetic upgrades such as plaster work and new carpet.

Good luck! Fixing up an old house is lots of work and stress, but it's also a lot of fun, and a great hobby.
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Old 06-13-2010, 10:12 AM
51 posts, read 108,678 times
Reputation: 46
FYI that is a pretty baddddd neighborhood. I live in east baltimore on the other side of north ave...near greenmount and I travel over there from time to time. One of the worst areas in the city.
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