Run. Even it it were free, it’s a teardown, or a giant money pit.

I think it's charming and love older homes. If you go ahead, make sure you have a thorough inspection so you know what your getting into in terms of rehab. Those diagonal braces are ridiculous, and I agree there should be some brick to match. Try to look for photos of similar homes and see what they look like. Pictures can really help with your vision.

A clear span like that is typical for those homes. Even here in VA my neighbor's house is showing a little bit of a sag in the middle and I'm guessing that your snow load is why the bracing was installed. Adding two central columns will make the porch claustrophobic and will kill the style of the home. If there's significant work to be done anyhow, I'd consult with an engineer to see about a beam (engineered wood or even steel) that can support that span with your snow loads.

I plan to have an inspection with emphisis on foundation before purchase. i think i will also get a quote on redoing the porch top to bottom but not sure what kind of company to get involved! i will need an architect to lay out the rooms again even if I keep them the same as original per our local township rules. if the issues are not any worse then the roof and porch replacement then it will be worth it. in the most desirable neighborhood in the area and on the lake. The seller wants 50,000 for it but he is dreaming! 20 thousand max!

What type of professional would be needed to guide the concrete guys?

Sorry i can not stay online to hear your opinions but I will be back first thing in the morning.

Like the first person to comment, I have my reservations about this project, especially as the inside is gutted in addition to the other problems mentioned. The first calculation I'd do is to estimate the value upon completion, then deduct the purchase price to see how much you can spend (including holding and resale costs) without going in the red with this project. Bear in mind that the cost estimates will likely be low and the place almost certainly has many hidden demons that will want their payment. For example, I can't imagine not having to replace the entire electrical, plumbing and heating systems. The place has been vacant for 28 years! Do you have experience with this size project and the various jobs that this house will require? I love old houses and have inspected many of them as a real estate appraiser, and have fixed up a few myself. This one scares the beejeebers out of me.

Get everything checked out, including the main line to the sewer and the main water line into the property. You'll need to pay in cashfor all the work needed to render it a "water-tight, structurally sound shell" before a bank will loan on it. Personally, I'd pass on this one.

If this was such a fantastic opportunity, someone would have snapped it up by now. I think it is likely going to sit on the market a while longer until the seller gets some type of push to sell it. The asking price is totally unrealistic for a house which will be probably just as much money to fix as building from scratch.

How much could the property possibly be worth after you finish fixing it up? This isn't going to be a financial success and it may turn out to absorb every spare penny you can find for months and years in your future. Don't fool yourself, you will not be able to fix up this house and sell it so don't even think about buying it u less you plan to live there for the better part of a decade longer. If you have any hobbies or social life, do you really want to give up that part of your life to work on a house?

The foundation has problems. It needs a new roof. That leaves the walls, old enough to be painted with lead paint. It looks like a teardown to me. Empty since 1989 and several rehabbers tried and gave up. Would you buy the land if there were no house there?

Absolutely the ONLY reason to buy that is if it’s grandfathered in it’s position on the lake. If new construction wouldn’t be allowed where it is, in current regulations, then it could be worth it. But only if you have a LARGE budget. Shoestring will not cut it.

Renovations cost more than new construction per square foot by at least double. Restorations cost even more. If you think it’s worth 20, and the seller thinks it’s worth 50, then you’re in a low cost area of the country. That doesn’t mean that anything done to that will ever use the words “low cost“ ever again though. If only 30K is separating you from buying it? I suspect that you’re not prepared for the 200K minimum of work that it’s going to need to be made legally habitable.

Every bit of it will have to be redone to meet modern codes and to obtain a CO. It’s a smidge away from being condemned if it hasn’t been inhabited in 30 years. It would have already been torn down under the blight ordinances here. The legal term is “attractive nuisance”. The liability for the owner is huge, so I don’t understand how it’s still standing.

If you truly like the lot location, first find out the actual condition of the home itself BEFORE making an offer. Since the roof needs to be replaced anyway, Expect to remove the entire porch roof and all supports and replace them. In fact, any home that hasn't been inhabited by people in thirty years and needs a new roof will, if you're lucky, need to be stripped down to the studs and, if they're sound, be rebuilt.

Your local tax office will have the taxable value of the land and home listed as separate numbers -- you might want to bid on the land and expect to rebuild the home from scratch. Or, just walk away now.

Go to the local tax office and get all the information they have on this home and real estate , including identifying the actual owners of record. Find out how much the annual property taxes are and the estimated value taxed. Get a copy of any plat on record, if not from the tax office then from the County Clerk's office. When was the last building permit issued for construction or remodel and what was that for -- any red flags there?

Before you make an offer, it would also help to know how much debt there is on the property and any issues with property lines (liens and conflicts at local clerk's office) and rights of way and easements. You might want to do some checking on your own before making the offer. Also see if you can find out what other land in the area is selling per acre. Consider the land value and the house value individually as well as together -- just in case the best thing for the house is a bulldozer. An informed decision is usually the better one.

After you have some preliminary information, then you can contact the owners and discuss having a walk thru, only after which you can arrange to have it inspected by a pro that you hire, that is working for you, that will report all the defects of this home in your best interest before making an offer. During the walk thru, open and close every door and window and look in the attic and underneath the house and in the electrical box and at the point of access for any/all utilities. Look closely at the flooring and see if you can lift up any carpet to see if there are good wood floors or sub-flooring beneath it or if new flooring will be required. Sniff each space. Are there any smells (rotting wood or mold) or scents that could cover up those smells.

Only when you know what you're buying should you make an offer.

Expect to need to hire a lawyer to do a title search before you actually purchase the home -- a pro could catch what you don't and they're (usually) insured if they fail to catch something that ends up costing you. Hiring a lawyer to do your title search before closing, will not be cheap but better to know what you're getting rather than buying the proverbial "pig in a poke". Any information about liens and rights of way and property line disputes, etc., should be on the "title search" report a lawyer would need to do for you before the actual purchase of the property and title insurance for the property at time of closing and they'll get that info from the courthouse.

I agree with Corlett, gutted is good. It means it's not immediately habitable so it reduces the potential buyer pool, and you can see better what's up. I'd jump into that project in a heartbeat.

i didn’t have much to do tonight so I found the listing for this house. The fact that it was taken down to the studs will make the home inspection a lot easier. And you won’t have any of the HGTV style surprises when opening up a wall. :) It doesn’t look like its rotting inside, and the listing claims they have new windows and other building materials that will be included. A new well is a plus too.

It’s obviously going to be a huge project. Given the moderate home values in the area, it’s not goi g to be a money maker. There are several great posts here that talk about what you should know before getting into a project and using contractor that might be helpful to read. Also a lot of posts of projects gone wrong. Have you gone to look at it yet? Do you know a contractor you might be able to pay for a few hours of their time to get a feel for costs?

In some areas, a large building lot alone could cost you $50,000.

Is this a case of a RENTED lot and you're only buying the home BUT renting the lot from a power company that makes use of the lake/dam for power production?

If the land is for sale, How much is the land itself worth per acre in this same area?

How large is the lot?

Whether you're renting or buying the lot, would local building codes give you have the option to tear the house down and build another house from scratch or significantly alter this one ... or is this a case of imposed decisions and very limited options because of ... what ... historical society or home owners association?

Does the lot and/or the house have a view of the lake it's near?

How close is the house/lot to a town and the kind of shopping options you want and school and entertainment options and hospital and medical care? Is it where you want to build your "forever" home -- (if this is to be that)? Are you considering flipping this house or is it the right size for your family -- are you interested in the potential resale value but only years or decades from now?

Does that garage to the left behind it go with it and what kind of shape is it in -- does it have plumbing such as utility room for a washer/dryer? Some people are building tiny homes from single car garages -- smaller than that one which appears to be a two car garage.

What utilities are readily available to home and/or garage? Electrical pole nearby? Natural gas? Water: City water access w/meter already in place or will you need to bore/drill a well? Is the "new well" bored or drilled and does it already have a pump? Is there a septic tank or sewer lines?

If you find that it is already stripped down to the studs -- are the rafters and floor joists visible? What kind of shape are they in?

Is the chimney safe or would it be lined with triple wall pipe and/or add gas logs or would you be better off removing chimney and fireplace? Any heating system would likely need to be replaced for safety and efficiency.

If there are new windows or other new materials that will be sold with the home, are they the kind of windows, etc., that you want ... and/or could you, if you chose, buy the home for less without those material choices of someone else?

What side of the house is North, South, East, West? Will the windows and natural light be where you want them or, if not, could you change them?

Do you specifically want this style of house or is it the location and price that interests you?

If the rafters of the entire roof are good but the porch has problems, have you considered removing/replacing those porch supports, enclosing the porch and building another porch? (While you have the roof off is likely when you need to make any alterations to any weight bearing walls you intend to make.)

If the foundation of the porch has problems, does that mean the entire foundation has problems? Is that pale color stucco or paint put over brick and why -- are there hidden patched foundation cracks?

While I like the large old tree in the right side yard, your insurance agent may not.

If/when you have a chance to go into the home, take a tape measure and camera with you. You want to be able to draw the floor plan to scale as is and draw some basic ideas as to what you want before talking with an architect and any other pros to get cost estimates.

Would you be able to store your possessions in that garage and park a small (rented) trailer beside it on the property to live in while you rebuild the house or will you be paying rent/mortgage elsewhere and commuting while renovating this one?

How much of the work could you do yourself ... do you intend to do yourself?

All these things matter and affect value/price and what your offer, if any, should be.

Do post pics when you can get inside. Do keep us abreast of your progress if you do buy it.

Something else to consider if you're removing the roof anyway -- could you and would you want to make the roof four gables -- one facing each direction -- in order to have more room upstairs.

Just so you know-- where I live, this house as-is would sell for over $300,000. Easily. Studs showing and all. I'd die to be able to purchase a historic house like this for $50,000 in today's climate. Thank God that I DID purchase one before it got so hot here...and got it for under $40,000.

I know this original post was an old post. Sooooo, did you buy it & fix it up?#$!!#$

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And P.S. -- I liked the original architecture of the porch.....mainly b/c I like keeping things period-specific.