Flipping/rehabbing houses

[northside lurker]

Well, it looks as though the bank has foreclosed on this property.

I had reconsidered buying this house with the intent that I would repair it slowly, and try to do more of the work myself over time.  I had been sluggish about this because of some possible financial troubles in the family, and assumed that I would have more time to wait and see how much help they would need.

Hopefully, the city doesn't condemn the house before the bank is able to sell it.

[northside lurker]

If you dont mind what street is this house on? Is it on the west side?

It's on S. Lakeview, on the west side.  If you're interested, I can PM you the address.

[Mary]

Yea it is not fun to do ceiling drywall even with two people! 

If you dont mind what street is this house on? Is it on the west side?

[northside lurker]

The estimated prices I listed do include hiring someone to do most of the work.

If I had the tools, I wouldn't be afraid to try the plumbing, repairing the front porch deck, any demo, and maybe even the windows.  I'm not interested in climbing up a ladder to install the siding or blown-in insulation. (or a 30+ foot fall from that ladder)  I think there would be warranty issues if I installed the roof over the front and back porches.  I also imagine it would be rather difficult for one person to install new drywall on a ceiling.

I assumed I would do most of the work in the kitchen and bath.  That's why I think the number for the kitchen is probably too conservative.  I also planned to do the interior cosmetic work, like painting, removing carpet, refinishing floors, (if they need it) etc.

[Mary]

Is this doing the work your self? or hiring someone?

0ur house was in really bad shape (many said unlivable). We rehabbed everything but the outside and have yet to spend 10,000. This includes a new furnace, some insulation, all new kitchen, all new bathroom, all new floors, massive drywall repair. Electric updates, plumbing fixes (broken pipes all over)a half of a new roof. There is more that was done but you get my point.

[northside lurker]

Just as a final update to the house in question:

Based on my initial viewing of the house, I put together this list of some of the work the house needs, and an estimate of what it would cost.

New siding - $8000
Blown-in insulation - $800
18 new windows - $7000
New plumbing (copper stolen) - $1000
New front porch deck (structure & decking) – $5000
New front porch roof – $2600 ($10/SF)
New rear porch roof – $2000 ($10/SF)
New kitchen cabinets/sink/appliances – $9500 ($8000+$1400 for appliances) (probably too conservative)
Repair/replace brick walls at sides of front steps – $700

$36,600 + $12,000 (assuming they would accept the lower offer) = $48,600.

Then yesterday, I went to look at the house again, and saw more work that I missed the first time.   The ceilings in the dining room and living room need removed and replaced because of sagging plaster and water damage.  The water damage in the dining room leads me to believe that there is more plumbing work required in the bathroom.  Also, the bathroom was in poorer shape than I remember, and would need more work.  I don't know how much this would cost yet, but I am fairly sure this would push the total cost of the house well past $50,000.

Unfortunately, as I've said previously, an equivalent house would only sell for about $40,000. (maybe a little more, if it had a garage)

While this is disappointing, there are other candidates that I'll continue to keep an eye on.

[northside lurker]

Thanks for the information, Jay.

Unfortunately, I probably wouldn't qualify for that program.  I already own a home, and I have the financial ability to buy and restore the house in question. (at least I believe so...)

The problem is that after buying the house, and spending the money needed to properly restore it, I'd be "upsidedown."  I'd owe more than what the house is likely to sell for.

[jay]

The Buy Into Youngstown program may be a good place to start.
cfweb.cc.ysu.edu/psi/biy.htm

The Buy Into Youngstown person is Janine Martindale.
The number listed on the website is 330-941-1383.

[northside lurker]

We all know there is a surplus of housing in Youngstown, and that much of it is in disrepair, which is one of the factors leading to the city's continued decay.

I've recently decided that I want to do my small part to help Youngstown.  And, with my architectural background, the best way I can help is to try to restore some of this housing in my neighborhood. (garden district)  I think my neighborhood is on the edge of becoming one of the "bad" neighborhoods, and I don't want to see that happen. (I'm also limited to my 'hood because I don't drive.)

Well, on Saturday, I looked at 2 houses, and fell in love with one of them.  The architectural detail remaining in this house is amazing.  In the vestibule, there is a built-in oak bench with storage under.  In the next room back, there is the grand stair, with an oak railing and balusters.  In the living room, on each side of the fireplace, there are built-in oak cabinets with bevelled glass doors.  The is a working pocket door between the living room and dining room.  In the dining room, there is a very large built-in oak cabinet/buffet, (if it were a stand alone piece of furniture, it could have been worth $10,000) an oak plate rail, and an original landscape mural around the room.  The built-in linen cupboard upstairs has glass knobs.

Unfortunately, the numbers on this house don't work.  They are asking $14,900 (down from $24,900) for the house, and it needs at least $30,000-$35,000 worth of work.  That makes the total cost of the house between $44,900 and $49,900.  Unfortunately, because of its location, (and because it doesn't have a garage) the house would only sell for--at most--$40,000.

I guess my question is: does anyone know of any grants available to help offset some of the costs to fix this place up?  I'd move into this house, if eligibility is based on residence.  I'm open to any other advice/suggestions, too.