Attention Realtors/house flippers (Midwest)

tonypeoni · 11:49 AM

Im sure there are more than few pelican Realtors/house flippers. First off Im not in the market for this house

. I pass it everyday on my way to work. As a kid I remember seeing it set vacant for years. Anyways whats a house like this worth? I know this is next to impossible to determine without inside pics. I could see critters in the window as I took the pics. Pretty much nature has claimed this house. This house sits in the absolute slums of indy. The houses in that area typically sell for around $50k. The house is probably 80+ years old. Back then the west side of indy was the "affluent" side.

Tishabet · 03-25-2008, 08:38 AM

That's actually a really cool house....
As far as determining market value, I'd probably use Zillow to determine the cost of the land it's on and throw in a nominal increase for the house. That said, with a house that's made of stone with what appears to be a slate roof it might not be that bad inside in terms of damage.

MRM · 03-25-2008, 08:41 AM

That is such a cool house. I have always dreamed of fixing up an historic old mansion like that and living in it.

The sad thing is that if it's been vacant for that long and there are animals in it, it will probably cost about as much to repare as replace, quite possibly more. It usually costs more to repair something than build it the first time because it's a harder and trickier job. The roof looks intact, so it might not be a lost cause. The things to look for are an intact roof, windows in all the openings, and the foundation. Next you need to look at the basement and see how much water is sitting there. Finally you need to take inventory of the walls and floors. It goes without saying that all the plumbing and electrical needs to be replaced completely.

The stone work still looks good. I couldn't tell if there was glass in all the windows. If the place is structurally sound and there isn't water damage to all the floors and the plaster in the walls, maybe it could be saved.

As for value, location, location, location. It's probably assessed by the county at the value of the lot minus the estimated cost of demolition. You might want to check with the owner, county and local historic society. A few years ago an old house like that (that really was almost too far gone) went up for sale in cooperation with the County, the heirs of the estate that owned it, and the whole deal was overseen by the historical society. The deal was that the house cost $10 and would have no property taxes assessed for a certain number of years. But in exchange you had to agree to put a minimum of something like $400,000 inot the house and renovate it according to a historical plan. A local bank might have provided favorable financing. A house like that has to be a labor of love to be worth anything. But what a love to have.

JavaBrewer · JavaBrewer's Garage

Quote:

Originally Posted by tonypeoni

This house sits in the absolute slums of indy.

The most relevant point. Say you get the house for free...it will probably need $100K+ restoration. Unless the "absolute slum" undergos a city restoration/cleanup the location will scare off 99.99% of the buyers. So the real question is, after the restoration, would you live there?

MRM · 03-25-2008, 09:03 AM

That's probably a 15,000 square foot house. Two and a half stories, a main house and two wings. Figure all new appliances, internals, plus replacing any damage done by time. A hundred thousand gets you in the door. The economics of it is that houses like that usually get broken up into rooming houses. If someone fell in love with the place and wanted to live there it might be doable, but it wouldn't be a financial decision. If I lived in Indy and was on the edge of retiring and could get my wife to go for it, I would love to buy it, restore it and live there, regardless of the slum. But I don't live in Indy, I have more years to go till retirement than I care to count, and my wife would never go for it. But I can dream. That really looks like an incredible house. It probably has 12 foot ceilings, a ball room, a banquette room, a billiards room, servants' quarters, suites for the owner and the owner's children, a fireplace in every room.

Tony, any history on the house? Is it on the register of historic places?

tonypeoni · 03-25-2008, 09:03 AM

Quote:

Originally Posted by dmoolenaar

The most relevant point. Say you get the house for free...it will probably need $100K+ restoration. Unless the "absolute slum" undergos a city restoration/cleanup the location will scare off 99.99% of the buyers. So the real question is, after the restoration, would you live there?

HELL YES!!!!!!!!!!!!!!!!!!!!! This place is a freak'n MANSION! Probably has a dark past too (thats a plus in my book).Id be the slum lord to end all slum lords lol

Dantilla · 03-25-2008, 09:13 AM

Very cool house.

I've flipped a few. My rule is simple: I don't want to mess with structural repairs. Lots of time, money and effort on things that a buyer will never see. I buy houses that just need a hug- "Lipstick and nail polish". Paint, trim, maybe refinish floors or add carpet, clean up the landscaping, and slap the For Sale sign on it.

Must be structually sound
Must have good roof
Must have good plumbing and electricalsystems, or just need minor upgrades to current codes.

When I sell a house, I know it will be a good house for years. No short cuts allowed. The only way to do this is to be picky when buying.

Porsche-O-Phile · Porsche-O-Phile's Garage

Beautiful building. Absolutely an amazing find.

From a practical standpoint though there are some very serious issues to contend with. If it's in a "slum", are there squatters living there? Is there risk of B&E/vandalism once you sink all this money into fixing it up potentially?

Also, consider heating/cooling costs. A large, stone-clad building with virtually no "R" value to the walls probably. . . Gonna' cost a FORTUNE to condition. Yes, you can insulate the walls on the insides and help increase the insulating value, but all that adds to your costs of fixing up. Something to consider.

That said, that is one amazing place. If you have the resources and time into fixing it up right, you could end up with a real nice place there, but there are some serious issues to consider too.

tonypeoni · 03-25-2008, 09:17 AM

Quote:

Originally Posted by MRM

That's probably a 15,000 square foot house. Two and a half stories, a main house and two wings. Figure all new appliances, internals, plus replacing any damage done by time. A hundred thousand gets you in the door. The economics of it is that houses like that usually get broken up into rooming houses. If someone fell in love with the place and wanted to live there it might be doable, but it wouldn't be a financial decision. If I lived in Indy and was on the edge of retiring and could get my wife to go for it, I would love to buy it, restore it and live there, regardless of the slum. But I don't live in Indy, I have more years to go till retirement than I care to count, and my wife would never go for it. But I can dream. That really looks like an incredible house. It probably has 12 foot ceilings, a ball room, a banquette room, a billiards room, servants' quarters, suites for the owner and the owner's children, a fireplace in every room.

Tony, any history on the house? Is it on the register of historic places?

I imagine they do know about it. A house like this sits vacant for 15 years and Im sure people (of means) start contacting lawyers in order to establish who the deed holder is. BTW this side of indy in the early 1900s was extremely affluent. The Lilly mansion (pharmaceutical giant) and the Allison mansion (Allison transmission) sit a couple blocks away.

MRM · 03-25-2008, 09:22 AM

Tony, I'm not going to be able to sleep tonight, knowing a mansion like this is out there. Contact whoever owns it and see if you can work a deal where you get it for a Dollar, the city funds part of the renovations and the county forgives the property tax. Just make sure you have a firm budget on paper and that you have accounted for every conceivable expense plus 30%. If it's on the Register of Historic Places you can get a tax deduction for some repairs but you have to restore it historically correctly and you have to prove it to a local organization.

Porsche-O-Phile · Porsche-O-Phile's Garage

Excellent point. If it's in a "slum" and the neighborhood is part of a redevelopment zone or otherwise is eligible for city funding to help "bring up" the area, you might get some assistance with the project. Call the owner and call your city's planning department for more information.

Man, that'd be cool if you could work it out. . . Especially if the capital outlay from your end is minimal.

widebody911 · widebody911's Garage

Looks like a set from a horror movie...

Jims5543 · 03-25-2008, 09:41 AM

What is the address of the house and what city / county / state is it in?

If no address nearest road intersection or a google map of it showing its location. I "might" be able to dig up chain of title, sales records and current appraised value.

stomachmonkey · 03-25-2008, 09:51 AM

Nice house. Love it.

tonypeoni · 03-25-2008, 09:53 AM

Quote:

Originally Posted by Jim Cesiro

What is the address of the house and what city / county / state is it in?

If no address nearest road intersection or a google map of it showing its location. I "might" be able to dig up chain of title, sales records and current appraised value.

It sits off of west 39th street in indy 2400 or so.

http://www.google.com/maps?f=q&hl=en&geocode=&q=2440+west+39th+street+indianapolis&sll=39.825168,-86.202652&sspn=0.000904,0.001824&ie=UTF8&ll=39.825242,-86.203253&spn=0.000904,0.001824&t=h&z=19

Gogar · 03-25-2008, 09:53 AM

I agree Tony, that's an amazing house.

Even if you get it for free, though - I don't think you should kid yourself thinking you won't need to throw at least a million bucks at it. Old houses are a real commitment. If it has some kind of historical district designation or something similar, change what I said and make it two million.

In my heart and dreams, though, I'm totally with you though, man. I would love an adventure like that.

Rot 911 · 03-25-2008, 09:59 AM

Hmm the house has what 5-6 vehicles that look operable in the drive. Something is going on there or at least when the satellite took the picture. The house on the lot next door looks even bigger!

http://www.google.com/maps?f=q&hl=en&geocode=&q=2440+west+39th+street+indianapolis&sll=39.825168,-86.202652&sspn=0.000904,0.001824&ie=UTF8&t=h&ll=39.825129,-86.202445&spn=0.000472,0.000904&z=20

Jims5543 · 03-25-2008, 10:01 AM

Quote:

Originally Posted by tonypeoni

It sits off of west 39th street in indy 2400 or so.

http://www.google.com/maps?f=q&hl=en&geocode=&q=2440+west+39th+street+indianapolis&sll=39.825168,-86.202652&sspn=0.000904,0.001824&ie=UTF8&ll=39.825242,-86.203253&spn=0.000904,0.001824&t=h&z=19

I need the City and county and I can give you some info. Maybe....

ja78911sc · 03-25-2008, 10:03 AM

Watch this movie before you open the wallet.

tonypeoni · 10:26 AM

Quote:

Originally Posted by Kurt V

Hmm the house has what 5-6 vehicles that look operable in the drive. Something is going on there or at least when the satellite took the picture. The house on the lot next door looks even bigger!

http://www.google.com/maps?f=q&hl=en&geocode=&q=2440+west+39th+street+indianapolis&sll=39.825168,-86.202652&sspn=0.000904,0.001824&ie=UTF8&t=h&ll=39.825129,-86.202445&spn=0.000472,0.000904&z=20

Yeah this house has been up for sale for about a year now. The pics you see were taken this morning on my way in. Those cars all look like junkers to me. Notice what looks like to be a old series 2 jag sitting under a tree on the east end of the property. It was vacant from 90 to 02 or so then some sort of recluse filled the yard with junk cars for about 5 years or so. Its been in the state you see for a year plus.

The house next door has been added onto about 4 times. Its cement block construction. I think the owner of that house has been inspired from looking at this house every time he looks out his back window.