The house marked as pending sale back in Feb 2019. I am wondering if it's a short sale. The neighborhood houses were around $470,000, that means it's not a bad area. Can you get a couple local contractors for free estimates? It must have some big costly problems since no flippers fighting over it.

This brings to mind...If you have to ask how much it costs, you can't afford it.

Thank you all for your responses, I appreciate the input. This home is in a good area, but it is an affordable housing unit which could partly explain the lower cost and length of time listed.

As has been said, there are likely hidden issues with the house that make it too much of a project, but I was curious to get an idea of what problems are clear from looking at the pictures. For instance, it appears that the flooring in multiple parts of the house would have be updated, but I am not sure if that is typically be an expensive remodeling project.

Also, I attached a link to the Redfin listing here which provides more specific information at the bottom of the page. such as exterior features and utility information. I would be curious to know if this information makes the house seem more expensive or not.

Thank you all again for your help and for any further insight you can provide.

Can you afford the same amount as your house note every month to be placed in savings to handle the home repairs that arise? Can you afford that same amount in savings to address any renovations and upgrades that you’d want to do?

Csn you afford the same amount that the house costs to immediately handle any critical issues? Because there WILL be immediate critical issues. There always are for a home of that age and that price range.

The actual purchase price of an old home is the cheapest part about owning an older home. Especially if you have no DIY ability. Even new homes need maintenance and repair. You have to account for that in your overall budget, even if that month let’s you off with just snow shoveling and cleaning the furnace filter instead of ice dams and 15K in water damage.

Some people come out far better by renting. Almost everyone, actually, if you do the real math. Even with the market downturn. You’re still better betting on it than your home will be a slot machine.

That Redfin like give no more info than the Zillow. Only way to possibly know is to get someone or multiple someones on site. I may be a complete gut requiring all new heating and plumbing. I would easily guesstimate 2 1/2 to 3 times the purchase to price without batting an eye, possible considerably more.

I'm sticking my neck out a bit here, but a couple of things caught my eye.

As for the condition, pictures never tell the story, but they can give you some hints. I've seen much worse, but I'm picking up a distinct odor of neglect from this house.

IF it's immediately habitable - heating, plumbing, and electricity mostly work, no holes in the roof or floors, nothing structural - you may be able to move in and tackle the repairs in order of urgency. That's a time-honored approach.

There are two ways to go about it.

One, you're young with lots of energy, no immediate plans for children, and not very interested in socializing or going out. You're OK with devoting most of your spare time to learning DIY processes and working on your house.

Two, you're fairly well off and can afford to hire most or all of the work.

Forgive me if I'm making the wrong assumption from one sentence, but if a large concern for you is updating the flooring, you need to think again. Unless the floors are falling in, flooring is purely cosmetic.. That shouldn't even be on your radar yet. I'm betting there's plenty to do there before you can even think about making it pretty.

Perspective is crucial. There's a good chance that you won't have a house to be proud of where you can entertain and impress business associates for a long time. You will also be investing much more time in making your house what you want than in actually enjoying it. Nothing wrong with either of those, just realize that that's what you're getting into.

Good luck!

Problem I see is that purchaser must meet income guidelines. I rather imagine those guidelines specify an income too low to be able to pay for the necessary repairs. Bargain houses rarely are really a bargain, usually more like a money pit.

In addition to the issues listed above, I would not want to live across the street from a fire station. Sirens 24 hours a day, commercial properties across the street and location on state highway mean that house will always be a tough sell. Also, if that house gets rezoned for business, potential buyers may find it difficult to get a mortgage.

The realtor listing states” Buyer is responsible for all inspections, Certificate of Occupancy, smoke and carbon detectors, fire extinguisher, repairs before and after closing.”

The neighborhood looks nice. Check if you can get insurance, as companies may not insure this structure without a CO. You can check with the city building department for any permits and to see what are the violations that need to be addressed to get a CO. The local realtors no doubt know the real “issues” with house. I would call them.

The cosmetic interior upgrades such as flooring are the least concern. A house of this age is likely to have problems with the underground sewer lines, such as cracked or deteriorated pipe. I would do a complete plumbing video inspection as part of the inspection. Also a radon inspection. This home may have galvaninized water lines that are corroded and many electrical problems such as old wiring, panel and breakers. The original roof structure does not have any bracing, but not sure if the local codes will require this be upgraded. This is a complex project for an experienced owner/contractor and will need big $$$$.

I missed your listing link and the info that the city is regulating who is allowed to buy this house. That's one reason it hasn't sold. But in a way that's good; it may have kept the flippers away from it.

I'm a sucker for old houses, and this one looks like a charmer with a lot of potential. IMO, much depends on exactly what the city big shots insist that you fix before moving in.

Despite what some people say, it's possible to live safely (if not always comfortably) with old wiring and plumbing, as long as you (1) work toward upgrading them and (2) in the meantime, respect their limitations and don't treat them as if they're modern. If the city doesn't see it that way, though, that's a red flag.

I may be missing something, but I don't see a problem with the roof structure. Those are typical old-house rafters. You shouldn't expect them to look like trusses, because they aren't.

The condition of the roof itself is what to check for, because often that tells the house's story. If it's intact, that's good news. If it's been leaking for a while, the house is already dying, and may need major (expensive) surgery to survive.

As Lyndee says, also think really hard about the zoning and location.

Even though the price sounds absurdly low for the area, I don't think this house would be a particularly good investment. Rather, you'd buy it for love. You have to ask yourself whether you love it enough that you're willing to marry it, devote your life to it, and accept its entire dysfunctional extended family of problems.

Based on the original post and followups, I think renting is the better option.

Thank all for your responses. It seems to confirm that the house would not be worth the investment despite the low price.

Generally, is there a thread or forum on Houzz that provides information on what home repairs are the most expensive and time consuming? I want to have enough knowledge to be able to identify the potential issues of a house to know if it is worth pursuing. Or is something that can only be learned through experience?

A search on google using the phrase "cost of home repairs" or "most expensive home repairs" yields 100's of articles and websites. Start reading those. You'll see some things mentioned repeatedly-roof, HVAC, septic systems, etc. Remember costs will vary by location.

I'm not aware of a Houzz forum that addresses your question specifically.

David you also need to understand that while even general costs vary between areas the cost will also vary between companies. High cost however does not always mean better workmanship.

Just a suggestion is that you check to see if your area has something similar to our "Christmas in October" and volunteer. Here they do repairs on homes that the owners have been unable either financially or physically do. Often in older sections of the area. It may allow you to see common problems with older houses and some fixes. It can provide hands on experience.

@David Van Arnum, I hope your question isn't how much work needs to be done to any house by looking at the photos. You can't tell how extensive or expensive the repairs will be by looking at a photo. For whichever home you decide to purchase, to get a good idea of condition you need to have a very thorough inspection by a well qualified inspector. This way you will get the actual condition of the property as of the inspection date.

I'm a Realtor and sometimes you can tell from the photos that X needs to be done but you can't see the details from the photos. Plus, there are some people that put in old pics in the MLS and that is what uploads to Zillow. There have been times I've had to do a double take when arriving at the property because it doesn't look anything like the posted pics in the MLS. My advice to you is to not believe any photos - and get the third party independent inspection for whichever home you choose. Get the good inspector, not the one that gives a pass to everything. You want to know what you are going to face before you close. You want to know during the inspection period so you can cancel the purchase if the house requires too much work.

Some people come out far better by renting. Almost everyone, actually, if you do the real math. Even with the market downturn. You’re still better betting on it than your home will be a slot machine.

Some people, yes. But then you broad brushed with almost everyone. That is not true. It depends upon the local market and where that market is at the time of purchase and where the rental and purchase market is going to be down the road. In our case, we knew we were buying the slot machine.

As far as expense - there is structural, functional, and cosmetic.

Really expensive structural would be things like shoring up or replacing rotted.damaged main framing or collapsing foundation, rebuilding the roof, replacing/bringing up to code a septic system, rewiring/replumbing. ETA: water penetration through the stone foundation. Next down the list would be replacing or repairing waste or water mains exterior to the house, windows, siding (either replacing wood, or repairing brick & stone), rot in door and window framing, bad floor joists, drainage issues, insect infestation, replacing ductwork and heating/cooling systems, plaster walls & ceilings, bathroom fixtures.

I am sure that I have left important things out or erred on the hierarchy of expense, but you can get the idea that the potential problems and expenses are numerous.

I think some great advice has been given here to the OP. I would add, however, that flooring is not necessarily a "small" item - for the simple reason that old flooring tiles very often contain asbestos.

That requires professional remediation, and can add considerably to the cost of flooring replacement.

"tiles very often contain asbestos."

Sometimes they do. Not as often as some people think. You don't know until you test.

"That requires professional remediation"

In most places, no, it doesn't. It depends on local laws, but usually a well informed homeowner can safely remove floor tiles that contain asbestos. I've done it. No big deal.

You can't tell if tiles have asbestos without testing, so you need to have this done before having such tiles removed. At the peak of vinyl-asbestos tile production, which occurred over several decades, it's been estimated that up to 90% of the tiles produced contained asbestos; and there was often asbestos in the adhesive. Seamless flooring frqently contained asbestos as well.

It is true that you can remove them safely yourself...if you know what your are doing and are willing to take all necessary safety procedures. For those debating whether to leave this to a professional abatement company vs. doing it yourself, the link below will give you an idea of whether you are up for the work from both the standpoint of the labor involved and following procedures without taking shortcuts:

Residential vinyl floor tile removal

We bought an 1880’s home in 2012 (a foreclosure) and found a home inspector who specializes in antique homes. As he did the inspection he discussed the systems and what needed updating and what didnt. He gave ideas on cost. We moved forward with the sale and used his input guide our punch list to do over the 4 years we owned it. It was well worth the $800 for the inspection. Based on the low cost of that house, if the condition is decent, it might be worth looking into it. Especially if you want or need the space.