Tuesday, March 27, 2007

House Number the Fourth (Y1/M11/D27)

We bid on another house (for those of you keeping score at home, this is house number 4). This house could be The One for a few reasons: (1) we are currently the only bidders; (2) this is an U-G-L-Y house; and (3) it's too expensive for an investor to come in and flip but it needs too much work for your average home buyer.

I like it a lot because it doesn't need any construction. That is, the square footage is pretty good (over 1,700) and the floor plan is well laid out. It's also on a nice big lot on a wide quiet tree-lined street. It has new windows, a newer roof and newer central heat and air. Other than that: Oy.

The kitchen and both baths need to be gutted (love those pastel pink toilets!). The acoustic/popcorn ceilings need to be scraped. The carpet all has to be ripped out and the original hardwoods restored. Both the interior and exterior need painting. It also needs all new landscaping; it's overrun with birds of paradise and succulents and and unidentifiable shrubs. I'm hoping that I can get all that work done (including some DIY) for under $100k. Optimistic, no?

Anyway, we should know something by Friday.

If we get it, I don't even know where we'll start. I guess there are two smaller bedrooms that just need paint and carpet removal, so we'll do that and live in those while everything else is getting torn out.

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