Are we crazy to consider this?
We are currently living in a 100-year-old 920 sf house that is mid-DIY remodel. We expect to be done by year-end. We downsized from a 4000 sf house, sold off tons of stuff, and are trying to make our current house work for the 2 of us, size-wise. We're kind of 60/40 on whether it will, when all the remodeling is done. It has no garage...a big deal for Mr. Weedy.
We've had our eye on a house around the corner that is a bit overgrown, but from the outside seems to have good potential curb appeal. It's all brick, solid, probably 100-year-old vintage, with a giant detached garage in matching brick. Mr. Weedy would love to rent the garage.
Yesterday evening we saw a car parked there, so we knocked on the door, got a tour, and learned what the scoop is on the place. The owner's wife died a few years ago and he went into a nursing home a few months ago. Relatives who live a bit out of town are trying to take basic care of the place and sell off stuff, to clean out the house for eventual sale. They are feeling overwhelmed by the task.
The house is crammed full of stuff, from a few very nice antiques to just junk. It seems to have solid bones and decent mechanicals, but shows some wear, so it's a fixer. The layout is decent except I'm not sure that we can adequately improve the kitchen size and layout.
I'm guessing the house is in the range of 1500-2000 sf + basement, 3 bedrooms, 2 bathrooms. Laundry hookups on all 3 floors. :-) Value in current state is probably somewhere in the 30-50K range. Theoretical fixed-up value might be 90K (depends on sf), but I think that's tipping up at the high end of the neighborhood.
So now we've got pertinent contact information and a basic idea of the project, should we choose to take it on. Are we crazy to consider this when we've not finished the one we've started? One thought we had was to do a basic clean-up and rent it out for a year, and then boot the tenants when we're ready to really renovate.
And let's say we decided to go for it. Thoughts on how to go about ascertaining a good (for us) offer price? I think there's a mortgage on it (need to check at the courthouse), the relatives didn't know any of the details like age or square footage. We definitely got the sense that it would be a huge load off the relatives' minds to get rid of the thing as quickly as possible, so perhaps an as-is offer (take what you want and we'll clean the rest out) coupled with not needing to pay a realtor or do any fixing up would be very attractive.