Should I buy 75 year old house in Greenfield? (Pittsburgh, Oakland: renting, credit)

[evee]

I 'd like your opinion. There is a sweet, very charming little tudor house in Greenfield that I am intending to purchase. Though my offer was accepted, I have a few days left to decide and/or negotiate. On the market for less than a week. Decent price, just under $100K though the bidding war raised it to just above $100K. Time to check out the house - home inspection, etc. Bottom line: house needs work. OK, they all do. BUT the house has an asbestos roof in need of repair? The house is 75 yrs old, and the roof is the original roof. Mr. Housing inspector said it needs caulking and resealing. Some say not to worry, "asbestos roofs can last a long time and if undisturbed things are fine." However, if it does require replacement one day (and it most likely will), add anywhere from $3 to $5K because of the material. And the boiler, which is also original to the house, works at a 35% efficiency rate and needs a new valve, according to Mr. Home Inspector. At 35% efficiency, the boiler needs to be replaced. It's so old, the manufacturer name is unknown and cannot be found in the Preston guide (whatever that is). Windows, original. Repointing of bricks is needed greatly in several areas. Huge pine tree out front. No exhaust in the kitchen and the basement leaks on one wall during heavy rains. Should I go on? Oh yes, some of the pipes are original to the home. The previous owner, from what I can tell did absolutely nothing to improve the house when she bought it 7 years ago at $52K. Some say, "run away as fast as you can and don't look back." Others state, "all houses are money pits and its better than renting." I intend to list ALL of my concerns and what I feel to be the most problematic and costly are the ones I will address to the seller for credit. So, should I run as fast as I can, or should I stay with it because of the location and charm?

[la_torquemada]

May I ask where in Greenfield? If it's real close to Sq Hill, it's probably worth it. Further west, maybe not.

[evee]

Yes,quite close to Squirrel Hill. Near the bridge that's above 376 and leads to Oakland/Squirrel Hill. My apology. I'm not from Pittsburgh and there are way too many bridges to remember the names.

[Hopes]

Is it the bridge that goes from Greenfield into Schenley Park? If so, that's the Greenfield Bridge.

Greenfield, Pittsburgh, PA, United States of America - Google Maps

[evee]

The time piece is huge! I certainly don't mind working hard, however, the desire to renovate a property was not anywhere on my radar. Today I imagined myself in tears at the closing. And, I know you're right about the opportunity and possibility of finding yet another charming house minus the
headache.

[evee]

Yes. Thank you. Makes sense.

[Hopes]

Originally Posted by evee

The time piece is huge! I certainly don't mind working hard, however, the desire to renovate a property was not anywhere on my radar. Today I imagined myself in tears at the closing. And, I know you're right about the opportunity and possibility of finding yet another charming house minus the
headache.

Oops, I edited my post so you've responded to what others can't see anymore. Sorry about that.

I would keep looking for something that needs less work. Do you have the time to keep looking?

[la_torquemada]

Having renovated two houses, I would say, don't get into a big renovation project if your heart is not in it. It's hard and frustrating and it will eat all your time. If you can pay someone to do it all up front before you move in, then you might be okay. But if you're going to have to work on it yourself and do it peicemeal, this will be a nightmare. That said, having a boiler or roof replaced aren't hard -- you just get a few quotes, pick someone and they come do it. Other remodeling, like kitchens baths, etc. is just always a PITA. Also, given that list of things you have above, I'm sure you'll end up into it for another $40K-50K -- if you can find something at that price that needs les work, that might be a better option for you.

Finally, if you do buy the fixer, fix it as soon as you can. There's always the temptation to put it off and then the day comes when you have to sell it that you have to put all the money in at once and don't even get to enjoy the finished product.

[Katarina Witt]

I would certainly think twice (at least!) before buying a house that needs all those repairs. I think the inspector gave you a low-ball quote for the roof. We put on a new roof, did use high-end material, and it cost $10K. We have quite a bit of roof area, but I still think you'd spend at least $5-7K. We did our roof several yrs ago, so prices have gone up.

Leaking basement? Bad! It rains a lot in Pittsburgh, so you probably won't be able to use it much until you fix whatever the problem is.

No exhaust in the kitchen? Is this place up to code? If you remodel, you will probably have to bring it up to close to existing code. (It happened to us.)

Original windows are probably single pane, very leaky. You can get retro-fitted storm windows that have to be put on/taken off every few months.

Remember the inspector only told you about things that are important to the inspecting profession. You may find some other stuff that needs to be done, too.

I am not saying "no", I am saying "think twice at least". If this is what you want your hobby to be, go for it. If "This Old House" is not your thing, keep looking.

[Maaz]

evee, what a coincidence! I bought a house in Greenfield last year built in 1931, also on the Squirrel Hill side (not the Hazlewood) side. I assume your potential house is also in 15217 and not 15207.

You seem to have gotten a decent price but what is the square footage of the house? Definitely replace those windows and boiler. I made the mistake of not replacing them last year and ended up with $600/month gas bills during the winter. I replaced the windows earlier this year and plan to replace the boiler before this winter. How are the kitchen and bathroom(s)? Are they updated? Updating them will add value to the house.

My concern is that the house is being sold for almost double the price in 7 years and nothing was no improvements were done to justify such a large price increase. For comparison sake, the previous owner of my house bought it for $61,900 in 1994 and remodeled the kitchen, replaced the roof, installed new carpeting, and put in air conditioning. The house was sold to me for $116,850 in 2006.