Older houses may not have sheetrock - they may have plaster which is far more durable but also much harder to change around. It's tough stuff to work with.

As the owner of a meth house, even with restoration it should be reported on the Real Estate sales contract disclosure when the house is sold.

Banks selling meth houses on forclosure or short sales do not have to disclose it as a meth house and usually declare condition as unknown.

Living in a meth house, even with wallboard, floors and the house gutted is not safe for your health. If they were cooking meth it is even worse.

Many web sites on hazards, what to look for and test kits.

Example:
My Meth Lab Home Story | Meth Lab Homes

John_AZ

I'm not worried about it being meth house, but the foundation is another story.

There were two additions to the house so there are two cold joints on the foundation. My contractor buddy also noticed two corners of the house that have dropped. So there would need to be some foundation work.

Here's the house:

http://forums.pelicanparts.com/uploa...1271015736.jpg

Worth looking at although one nice thing about older houses is there's a de facto reliability factor - if the thing has stood up through weather/natural events/etc. for the last however-many years, it's probably reasonable. That said, you do need to look at potentially degraded items (timber = termites, rot, metal = corrosion/rust, concrete/mortar = spalling/deterioration) and account for them as necessary.

Properly prepared concrete will last forever. Usually if it fails it's because it was prepared poorly, reinforcing was placed too close to the surface (inadequate cover) or cracks were allowed to form which then become places for plants or other organic things to get in and start destroying it, on top of another potential place for decay of reinforcing to start).

I rennovated a smal l(about 1200 sq ft) cute 1927 home a couple of years ago. I had owned it for about 10 years and had only paid $40k for it, but it had a nice lot and had been owned by family members and, as thus, had sentimental value. I had planned on doing a lot of the work myself, but was transferred before I could. When I began rennovation, it was valued at about $80K. My contractor ( a Pelican) was fantastic, but after spending about $150k; refinishing the floors (replacing some), new roof, new light fixtures, new bath tile, new siding, new wiring (including alarm, cable and internet), new plumbing, new insulation, new windows, new doors, new stairs, two new decks, a new porch with a swing, new bathroom fixtures, new appliances, new cabinets, a new slab poured and a new heat pump and A/C...plus some grading, tree removal and landscaping...it looked great and was worth about $180K. I like how the house came out and because of the high quality of the work, I will eventually come out fine...but I would have been much better of financially to sell the house to someone else and buy one in better condition. It is rented out now, and rented quickly at a premium,, but unless you can do an awful lot of the work yourself, it is a big, expensive project that may not return as much as you expect. Make sure of your motivations (work of love or just business) andfree time/energy.

I hope you got the lime green shag carpet in the divorce. It would really suck to lose that.

I had to pass on the house.

They wanted $190K for the house, but I figured I could get it for $150K.

Then reality set in. It would take me years to complete the remodel during which time I would have two house notes, taxes, insurance, etc.

But I couldn't get a loan for the house in this condition anyway. If I paid cash, then I'd have no money for the remodel and I don't want to tap into my 401 or IRA.

I did find a mortgage company willing to loan me $375K for the house and for the expense of someone else doing the remodel so it would be complete in 12 months, but then I'd have $375K in house that was not exactly what I want.

I even considered buying it, tearing it down, and then just holding the property until I was ready to build a new house, but that would use up all my available cash.

Oh well :(

And just when I hit enter on this last post, the owner called me.

She said they're probably going to turn it over to the bank as a short sell. She said they really like us and wish they could sell it to us. She said they'd go $125K. Hmmm?

Perfect. Buy it and get Gregrrrr to help with the re-model http://forums.pelicanparts.com/off-topic-discussions/536724-how-effed-up-my-house-picture-heavy.html

damn, that home has nice curb appeal! 125k?

tough call. my home is a shack. it needs about as much work as you described.

tear out lath/plaster, re rock.
new wood floors, insulate, finish electrical, remodel bathroom and kitchen. my foundation sagged in a few places, i would probably just level the subfloor.

fun stuff.
keep us posted.

I'm fixing up a 50's ranch. Some of the other features of older homes is that they tend to sit on bigger lots and are located more centrally than newer homes. The photo you posted shows a nice yard and mature landscaping.

Renovations are a line in the sand, but at $125K that looks like a possible. Do as much of the work as you can. If you can gut it and work on it unoccupied, you can update the floorplan to make it a more modern house and something that works well for you.

Wow. At 125K that sounds like it would be neat to fix up.

Buy it or i am

That's the big draw. A 3,880 sqft house right in the middle of 0.84 acre lot. There's a million dollar house across the street and a five million dollar house a few doors down on the water.

If I could get a bank to loan me the $125K and let me do the work I would, but the only loan I've found is a refurbishment loan for $375K.

Another funny thing, the owner is a nice little 68 old year old woman, but most of our conversations are by text messages like teenagers :D.

Buy it! The old advice is to buy the worst house in the best neighborhood. Nowhere to go but up.

I just sent a bunch of pics to the lender I've been talking to. Now she understands why I want it, especially at this price. Stay tuned...

Once the bank figures out what that property is "worth" your in there! :D

WOW.... reading Jim's post was like looking in a mirror.
My wife & I bought a 1919 farmhouse, built by the farmer....not a real carpenter. We started "at the bottom", & have worked our way up. The joke of a "foundation", that was done in the 1930's, had not interfered in any way with the houses determination to settle right down hard against the ground. Thank God, the floors were clear heart old growth Redwood, or there would have been NO house left by 2004 when we bought it from the Farmer's daughter that had been born in it in 1924. All the 'indoor' plumbing had been added on in the late 1920's & NEVER upgraded. All wiring was knob & tube copper with some scary add on romex from the 60's. NO HVAC, just a fireplace & an old coal type heater (also worked with wood). Weird 2x3 (2x6's ripped in half) lath & plaster(with horse hair) walls, NO insulation OR conceptualization of headers, loads, stud or joist spacing etc etc, like I said, the Farmer built it.
We tunneled under with 2 tunnels (@ 1/3 & 2/3 across) & used steel gerders to lift it up so I could build & pour a real foundation. We then replaced one outside wall at a time with 2x6, insulation & modern wiring....replaced the old (but interesting) windows with similar Marvin dual glaze....reframed & built the new 10 in 12 roof right over the old 6 in 12, then sawzalled it up tho 'old' one & took it to the dump. BUT WAIT....we have lived in it while doing all this (& still married to boot)...
WHY (are we sadists??) 3 of the most beautiful acres with remnants of old 1890's apple orchard & old barn & orig. 'homestead cabin (falling down, don't go in there...), 10 min from the beach yet a world away tucked in the hills.
LOCATION LOCATION LOCATION....you can build the house, but you can't 'build' the location...If you love the land buy it, houses are temporary in the grand scheme of things
GOOD LUCK