# Is this even worth it?



## Koffinduster (Oct 9, 2016)

So I am recently divorced and am having to move. I don't have a lot of money to work with on renting a home and I happened to find this "in need of tlc" house. Its a little over 2600sqft, has an attic and basement and a workshed out back. I found 2 different build dates-1928 and 1960. The house is $500 a month and price is negotiable. 
Has serious floor damage and seems to be missing things like a water heater and kitchen sink lol
In an old picture of it I saw window units but upstairs is what looks like a CHA unit. 
Is this place worth it for a cheap place to live and repair? Also its supposed to be rent to own.
http://s1170.photobucket.com/user/KoffinDuster/library/house


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## Chris (Oct 9, 2016)

It's gonna take a lot of money and time to bring that place back. For a rental I would walk away. If it is a purchase it could be worth it. You don't want to move in and fix it up just to be kicked out.


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## bud16415 (Oct 9, 2016)

Welcome to the forum. 

Rent to own huh. What is the price if you wanted to buy it and we don&#8217;t know where you are at and what housing is worth in that location. I&#8217;m living in a home we bought 3 years ago that was quite distressed but not as bad as the one you show. We paid 25k for it. The way to buy a house like this is not rent to own as you will just be paying to fix it up for someone else and they will take advantage of the deal or could. A land contract is a way of them selling the house and they carry the paper but you own the house. Only way I would try it is if you tell them you want a land contract and nothing down. Get a good price I would suggest the value of the land alone with improvements like water and sewer. The building looks like it can be saved but as is to me has zero worth. Look at it this way no builders or flippers have been interested in doing it as they know it will cost more than they will get back. 

The only thing you have going for you is you will get a place to live for less than rent, and your labor is free. 

Now you have to look at it like I did and say to yourself do you want to spend every free minute you have for the next year or so working on the place in order to end up with a nice home free of debt, and second do you have the skills and tools to do it, the third factor is you are going to need a lot of materials even when you have the skills and time and tools to do the job. If you are tight on money and the payment is taking a big cut into your income having the time to work on it wont do any good unless you can buy materials. 

All that being said it looks like it was a grand old house in its day and is a shame it was let go like that.


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## havasu (Oct 9, 2016)

...also keep in mind that house is sure to have lead paint everywhere and probably asbestos. Please keep this in mind if you have kids that will be living or visiting you there.


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## oldognewtrick (Oct 9, 2016)

I see a lot of work, I mean...a lot to make it habitable.. just my :2cents:


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## Koffinduster (Oct 9, 2016)

So here is the listing, as you can see I am in Fort Smith, AR. http://www.zillow.com/homedetails/623-N-14th-St-Fort-Smith-AR-72901/2143517883_zpid/
The house is on the corner and faces a middle school and even though the back of the house is rough it doesn't look like there have been squatters or vandalism.
I do have the time to work on the house, and most supplies wouldn't be an issue as we have a cheap Habiyat for Humanity ReStore here plus I have have a few friends who do architectural salvage. I also have a few friends that have offered help that have actually done a lot of the stuff this place needs. 
I'll be honest and say I was too much of a chicken to go in the attic or basement alone because I've seen far too many horror movies.
Thank you guys for the advice and suggestions. When I get an appt to meet with the realtors I want to go in with a better idea of what's needed and if it's worth it so I don't waste either of our time. So please keep them coming!


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## Koffinduster (Oct 9, 2016)

Oh and, no kids-just me and my dogs.


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## JoeD (Oct 9, 2016)

Why would you put all this effort and money into a rental house?


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## havasu (Oct 9, 2016)

This is also my concern Joe. I believe this homeowner is trying to really take advantage of our member.


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## bud16415 (Oct 10, 2016)

I think someone is out of their mind listing that house as a rental. It is in no place close to even minimal standards to be a rental. It actually looks like they already had someone bite on the rent to own deal and they started in ripping and repairing and then gave up. 

The location looks good but I don&#8217;t see any real high dollar homes in the area. So what you are looking at is putting in money it will be hard to justify if you did end up buying it. 

I would never repair a place like that without owning it first. If you want to rent it and 500 bucks is cheap rent, there and nail up some tarps, rig up a sink and call it a day as you save your money for a year or so then go for it. Do not spend more than a couple hundred buck on it unless you know it is yours first. 

Around here property taxes/ school taxes on older places can be really low sometimes and that factored into us buying the distressed home we did. If you can swing a low purchase price and the taxes are super low then it might be a good thing if you can handle the DIY. 

It sounds like you need to really go over the place and that means getting someone that knows structure into the attic and basement. The missing sink should be the least of your worries.


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## slownsteady (Oct 10, 2016)

It may not even have a cert of occupancy. 
I'm not sure about AR weather, but it may get a little chilly in there, and you will need to keep the critters out and the dogs in. So exterior walls and a roof would be at the top of the list.


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