Huge local historic home for sale... would love to own, but so $ to restore (flooring, roof)

[Tennesseestorm]

This home below was built in 1903 and is one of the oldest standing homes in our city. The house is a full 3-stores tall and over 8000 sq ft living space. The home has around 16 bedrooms and more than 20 bathrooms! This home has been vacant for years and has belonged to the city. The historical society had been raising money to have the home restored and eventually make into a museum, but back around 2008 or so they decided to sell it due to the bad economy and rising costs in building materials. I have toured the home before nad it is in all original condition and still has many of the original fire places, staircases (it has three!), etc. The home had a new roof placed on it a couple of years ago and the homes structure was professionally evaluated and the home has been stated to be as solid as it was back in 1903! The home is for sale now I think for a lofty $195,000 and I am sure it would take another $195,000 to restore the interior back to original shape. Its my understanding that big tax breaks will be available on the home for the buyer since its a historic registed home in the city. Its only two blocks from historic downtown and right in the middle of the city. I would love to have it, I have always loved this home. I remember even when I was a little kid when we would drive by it I would always look at it in awe. I have basically been by this house at least once everyday in my 36 years of living. Maybe if I win that $500,000,000 lottery tomorrow night I will buy it and restore it.

Here are some pics I wanted to share of it.

Here is the home as it is today...





On a winter day in the mid 1980s...



The home around the 1950s...



Here is the home in 1905...



One of the main staircases...



Staircase to the 3rd floor...




Couple of of the many original fireplaces...







Finally a city link about the home and many more photos. As you can see, the interior is in dire need of restoration...

Bristol Historical Association E W King House

[golfgal]

For $500,000 that house is a BARGAIN. In our area it would sell for well over a million, even in this bad housing market. I can see why you love it so much!

[Ohiogirl81]

Well, the best way to preserve a home is to live in it.

The house is absolutely gorgeous. It would make a great B&B. But you're right; it needs a lot of work. Yipe.

[ShaneSA]

The roof is good and a big expense in renovation. the best way to renovate something like that house is to live in it and do one room at a time. I bet you can do most of the work yourself with time and education about how to do it. One room at a time will keep you busy for a few years but it will be a gem in your old age. AND worth much more than you paid for it.
Also the historic associations and city powers often have grants and low interest loans for renovation, I've gotten grants for everything from doors to plumbing.
Go for it. Deep breath and do it.

[Hopes]

It's in pretty good shape for an old house. I'd go for it. Do the work yourself while living in it.

[richb]

It looks like it has a lot going for it. Restoration is far easier if you still have most of the original parts. Replacement parts are expensive and hard to find. The exterior looks like it hasn't changed much too, so that is a good sign. Be prepared to never really have a free weekend, as that house will use them up with no problem. Good luck!

[Coldjensens]

THe pictures are not in color, but it appears most of the hard stuff is already there. However if all that wood is painted, stripping it could take two years of weekends. I enjoy heat stripping wood. I find it satisfying. Lots of people hate it.

I have been through this a few times and helped quite a few others with their project houses. It is a big commitment. It becoems your primary hobby, your vatcation and drains all your money away. You never recver what you put into it. However everyone I know who has done it says it was worth it. My latest project changed me from rich with hundreds of thousands in the bank, no debt, no needs, eating out 15 times a week (somtimes fancy), to living check to check and massively in debt. Still, I would probably do it again if I could time travel (just differently).

[Tennesseestorm]

Thanks for the replies. Yes, its even more stunning and looks larger in person. It is one of the largest historic homes within miles and miles of here.

I still drive by it at least twice a day to and from work and usually even on my days off and I always find myself looking at it. lol. Yeah, they already had the roof replaced, so that was a big expense that was taken care of already. All of the original woodwork inside has not been painted and still in good condition. There is some flooring to be done and there is no doubt that the house needs to be completely rewired with all new breaker boxes and wiring... new plumbing throughout as well. When we went through it, you could see bad wiring from lighting and outlets. Its a wonder the house has not burned already, but its been empty with no power for years now.

There are still alot of houses like this in our city, one may be beyond repair that is less than a mile from this one, but it is also huge. I am afraid one day they will tear it down. There was another one like this, but not quite as large a fw blocks away that caught fire about 13 years ago... it was repairable, but sadly the owners had no insurance, could not afford to fix it (some people even donated time and money to work on it), but interest went away and it was later torn down. The good thing is though there are about 4 more houses on that street like it.

I could not afford this house, even at $195K, maybe when my dad gets his big retirement I will talk him into buying and restoring... or MAYBE whoever wins that $500,000,000 tonight may buy it for me and have it brought back to new condition. Yeah, I am dreaming. lol.

[Tennesseestorm]

Well we didnt win the lottery tonight... maybe whoever did can take a liiiiiiittle bit of that $ and fix this place up.

[fallingwater]

what an amazing home. That's not much more than what I paid for my house but there is no way I could afford to heat a home that big. Some will buy homes like that and run a bed and breakfast to help with the mortgage. a thought?