Posted by JPiper on December 26, 1998 at 13:28:15:
First, you haven’t given sufficient information to know whether there is any deal here. Without knowing details like the value of the property, and the cost of the fixup, how you propose to finance all this, and what your final exit plan is, there is absolutely no way to know.
But a few general comments. People do fix up older houses. It’s not easy. Doing one job opens up 10 more jobs on an older house. So it is very difficult to estimate the cost of rehab.
Generally people who buy older homes like this are interested in the historic detail. This means that you need to pay attention to this historic detail yourself. This raises the cost of rehab, along with the time for rehab.
Naturally 2 bedrooms is a disadvantage, but this doesn’t mean it can’t be done, it just needs to be factored into the decision making process.
Rural areas COULD slow the sale down…but then again in many parts of the country people are moving from the city to the country-like settings, especially if they can still access a city area for employment purposes. Again, knowing the area and the comps will help with this decision.
In summary, your question is not answerable. You need to do your homework. And you need to look at yourself to see whether you have the abilities at this point in time to carry out a project of this type.
By the way, if I saw a home of this age with 100 amp service I would be pleased…I’ve bought them with 60 amp service.