Thanks in advance!
I'm about to offer on a house in the Historic District of Norwich, CT. The neighborhood is full of large and unique historic homes, all in much better condition than this one.
A. copper pipes are missing
--- needs to be repiped to baseboard in addition and radiators in main house
B. needs roof repairs
C. bank states mold is present
--- a professional hasn't been in yet but I'd rather gut to be safe regardless
--- would that be a dealbreaker for you, even with gutting in the budget?
D. needs painting eventually
--- I assume about 10 - 15k for a house of this size
Cosmetics aside, do you think the cost of gutting, repiping the heating system and repairing the roof are worth it? I have time and a rehab loan with about 100k to play with up front (more later). Don't worry about appraisal or assessment value.
Would you take it on? Most work will be professional but my family has flipped several homes and is familiar with the minor cosmetics, minor wiring, installing kitchens and bathrooms, etc so I know what I'm getting in to,
I'd like to live here after finish for a few years so this is not a flip. With all the square footage, I think it would be a spacious and interesting property to own once it was completed.
Thank you for reading and your thoughts!