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Thanks for the kind words guys. He is surely missed.
sean-are you sure you want to do two mortgages?? We are in the middle of a refi right now and it has been no picnic at all. Going on two months with a big bank. Nerve wracking to say the least, I am interested though in the fact that my appraisal came in alot lower than what my tax bill is. I may need to fight my next one.
That house is 40k. I'm gonna go in looking with the number 40k to rehab it. I think with no surprises 40k would make it nice.
So at 80k as a place to live I think it's a fair deal.
As a flip I don't see any meat left on the bone. That area is pretty run down. Not dangerous just dumpy. 100k people wouldn't be looking there. Most houses in that area are rentals and there was a meth lab raided there awhile back about three houses up.
I wouldn't call that area ghetto but I would call anything left outside unlocked a gift.
Thanks for the kind words guys. He is surely missed.
sean-are you sure you want to do two mortgages?? We are in the middle of a refi right now and it has been no picnic at all. Going on two months with a big bank. Nerve wracking to say the least, I am interested though in the fact that my appraisal came in alot lower than what my tax bill is. I may need to fight my next one.
I am not sure at all. One advantage would be having my current shop to use while rehabbing. Disadvantage would be money. Cash flow would be cash trickle.
In Oneida assessments run about double value. Most houses seem to be listed at 66% of assessment at sell at 50%.
Buddy of mine sold his house last month. He had already moved and his house sat empty for a year. They were desperate. They didn't live in the area anymore and it was a pain.
Finally they found a buyer. They wanted 90. Buyer looked right at them and said that house ain't worth 90. Not a penny more then 70.
Oh yeah, did I mention the buyer was the city assessor??
We had all the papers to fight our assessment but you can only do it one day a year. I had to put my dog down that night and if I had gone I would have punched some people in the head.
I've just been handed a list of floods in Oneida going back to 1950.
I've been here awhile now and the fear is just like something you live with. My wife has only been here afew years and she's a wreck with all the rain we been getting.
Looking at the list I have to admitt she has a point. Many of the highest water marks have been recent and the worst ones very recent. The rains seem to be getting worse and worse.
I'm actually kinda impressed the system has worked so well. Well except that once.
One day a year.........of course, how could I expect anything else. Well I am going to have to do some research and find out when, its not a few dollars we are talking about here. Assessed at 285, appraised at 215.
Sorry to hear about your dog, we have had to put down a couple thru the years too.
The house in Oneida Castle that CK found js basicly a building lot
Decent sized lot. City water and newer septic that would be tested before sale. At 20 years old it's prolly good.
The house is shot. Lots of settling. It could be possible to jack it level but not cheap or easy.
The wiring is as bad as possible. The house uses a style of outlet I have never seen and I've seen some strange stuff. It has a fuse box with four circuits running the entire house. It doesn't even have 220 power which is interesting in that ALL power off the pole is 220. 100% replacement is the only option.
Furance is gas firced air. Actually a good ducting system. Furance itself came over on the Mayflower, prolly like 10% efficient. Chuck it and save a headache.
Water heater is electric which is odd with a 1" gas pipe next to it.
Chimney is shot. Somebody tried parging it and failed. Honestly modern furnaces and water heaters vent to PVC pipe so two or three swings of a sledge hammer and that issue solved itself.
All walls are lath and plaster and badly cracked from the settling. Complete gut. Gut , rewire and spray foam and it would be nice.
Upstairs is large and well laid out but low ceilings. I felt confined but my five foot tall wife didn't notice. This is also a complete gut. Walls and ceilings.
The one bathroom was small and in bad shape. Complete gut. New one could be nice but with the layout never a showplace.
Kitchen is large but in very poor shape. Complete gut but when done could be a real winner.
Roof looks like a 20 year roof about 15 years in. Should be replaced before the rest of the work but could be put off for afew years.
Front porch is nice but needs much work.
Using cheap labor, meaning myself and son in law……
Gut it for 2 grand. Couple roll offs basicly.
Complete rewire with new 200 amp entrance and all permits and inspections I'd say 3 grand. Maybe two but codes are tough.
New kitchen. By building everything myself for 20 grand I could make it heart stopping. 15k for builders grade from Lowes.
10k for the bathroom. Nice but no awards on this one.
5 grand for flooring. More if the floors could be made level enough for tile.
5 grand for walls, ceilings and paint
7 grand for new furance and air. Nice little set up on this.
Grand for power vent water heater.
3 grand for roof and exterior paint.
2 grand for porch.
5 grand for windows and doors. This is a must. The old are shot.
5 grand for spray foam. 3 grand to do it the old way. But a gut job is the time for spray foam. I maybe low on this. Possibly way low.
The leveling?? Frankly I would farm this out. Without this done right the rest is a waste. I'm gonna say five grand. That is a guess. But lolly columns are a 100 each so I bet it's close.
So that's roughly 75. Plus 40. This would be a sweet little home but no real wow factor except the kitchen.
At 115k I think you would be prices out of the area. You might get lucky with that kitchen and central air but most likely not.
For tear it down and put a modular ther for 75. Same 115 but no air and lesser kitchen. But an order of magnitude less work. Plus the cost of the tear down which shouldn't be much.
Well we also had a chance to talk some about our current home. It's been awhile and a lot can change in a year.
Her opinion was honest and expert. She's been selling in this area for many years.
I believe what she says. But it's not what I wanted to hear. In fact I wanted to cover my ears and stomp my feet.
We are quite abit more screwed then what I had thought. Gonna need some time to digest everything.
Basicly every option we have is really really aweful. We are a little stunned and confused. At this point in our lives this isn't the choices you wanna be facing.
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