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Got $2K and a knack for historic rehabs? This house could be yours

09/09/2017

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Maybe you’ve always dreamed of winning the lottery and buying a mansion of your own, but in reality, you won a couple grand on a scratcher. Or perhaps you have a little bit of that tax return still saved up. What can you buy for a meager $2,000?

How about this four-unit home in Toledo, Ohio. It’s listed for $1,777.

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But buyer beware, there’s a lot of work that needs to be done to make this house livable.

Built in 1897, the Tudor-esque 5,330-square-foot home contains four bedrooms and four bathrooms and has been vacant for the past few years.

The quarter-acre lot sits on Colllingwood Boulevard, which is a street that has so many churches that it’s possible the phrase “holy Toledo” may have originated there.

The previous owners started on the renovations, but didn’t get very far. Future owners will have to meet the seller’s strict restrictions. Because the home is a county-owned property, the renovations must be made within 270 days with rigid guidelines.

“Anyone who purchases it is going to have to go in and redo the entire thing,” listing agent Judy Stone said in a realtor.com article. “They’ll need to come in with a renovation plan and have the finances and the ability to make it safe and livable. It’s not just about the price — it’s all the work that’s associated with it.”

The home will need new heating, electric, mechanical systems and pluming as well as new bathrooms and kitchens. The floors need to be done, the walls need to be put up and painted, the basement stairs need to be made safe and some of the exterior brick needs to be remortared.

So essentially you’re buying the land.

“The ideal buyer is someone who has remodeled a multifamily before, knows renovation costs, and is sensitive to historic homes,” Stone said. “It’s not really for the timid of heart.”

Email Dani Vanderboegh

Source: click here

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