Great looking house! I don't understand what you mean by "visibly separating," though. The blocks are pulling away from each other? Like a widening crack between them? What does it look like inside?

If you make an offer, you can make it contingent on a satisfactory report from an engineer/inspector, and you can dicker with the owner on who is going to pay how much if repairs are needed, or if he'll just knock down the price. I wouldn't base any decision on a drive by.

Yes the mortar lines are cracked and widening, more so on the corners of the house. I just asked my realtor to show it to me and the other realtor said there was a disclosure statement I need to see.

I guess I need to look closer, but I don't think that old house would be a good buy for a blue collar guy looking for a wise investment. A better candidate, would be a wealthy person who loves old homes and wants a project and conversation piece.

I mean.. you could spend another 150k on that home easy if you subcontracted every update out.. "As is" spells dirty, stinky and needing allot of work to me. And even though Iv installed a bunch of furnces A/C units etc.. and have experience roofing/exterior and what not.. Im almost 50 years old and not sure I want to spend 10 of the 15 years I need to live here working on it to stay in the green.

"My main issue with it after a drive by was the block foundation visibly separating. But level."

Some failing mortar in a 78-year-old foundation is to be expected. Buy the house, research the hardness and composition of the mortar, match it, point the foundation, and enjoy.

It's a good-looking house (I'd love to see the interior), and if it fits your essential criteria you should at least take a look at it. If you don't, you'll always wonder. I understand what you're saying about being chained to a never-ending series of vital repairs (although in any old house there will be a never-ending series of things to do, but not all of them are vital!), and that is a major consideration. Consider the total value of what you're buying versus the costs; the value lies not only in the equity you have, but in your lifestyle. But of course you knew that.

If you're looking at this as an investment, it really depends on your real estate market. Here in Rochester NY we never got the bubble, so we didn't get the bust either. The market just kind of stagnated for a while instead of plunging. But buying a house here is no kind of investment. The little "cape" that I bought in 1991 for $73k I sold in 2005 (pre-bust) for $85k, and we were all amazed that I got that much. It raised the values of all of the houses on the block. The value of the house went up 16% over 14 years. That's no investment. But I had a place to live that I loved, and I had a little equity when I moved. Your real estate market might be more robust, making a house buy a good investment, but if there's another bust...

When I was young (in the 70s) everyone said that you'd never go broke investing in property. Ah, innocence...

I plan on looking.. My realtor must be thinking.. "Boy, he's going to keep me busy"

Iowa City didn't really bust either.. Same thing. Market just kind of stagnated for a while..

I'm no investment guru. But Im guessing owning is still cheaper than renting. And seems fewer people are using real-estate as an investment because there isn't enough meat on the bone. Its already been picked clean.

I just want to come out even or slightly ahead of renting when I retire. But enjoying a nice neighborhood on almost 1/2 acre in a 1925 Arts and Crafts home would be a experience as long as there were no surprises.

My realtor has no clue on renovating a old house or what it costs.. Who do I hire to inspect the home to evaluate what it really needs?

http://iowacity.iowaassessors.com/parcel.php?parcel=1003403017

Here is a link that might be useful: 505 Kimball Rd

My parent's home was built in this decade, and is very similar in appearance. Let's put it this way, theirs is solid and built like a fortress. All their flooring is beautiful wood, even though they chose to put carpet over it. The flooring in this house may be as well.

First of all, you need to read the disclosure. Don't assume it relates directly to the crack in the foundation. I'm surprised at a disclosure if it's being sold 'as is'. Regarding the 'as is' I noticed very few pictures of the inside of the house. I'm assuming there is a reason for this. Did you even go inside it?

It could be a lot of mostly cosmetic stuff.......or not. Sometimes folks will 'as is' a house simply because there is elbow grease/paint and wallpaper/carpet issues. It's not always a deal busting flaw. It's more about not wanting to haggle over price and intended to warn a prospective buyer to save their breath haggling over a lot of cosmetic issues. This is sometimes what sellers will see as an easy way out when they neither have the time/money/inclination to get it sales ready. My spouse and his brother did this when settling their mother's estate and her's was a wonderfully solid and well kept home, but in a time warm from the 1950s. It's also frequent in cases of divorce when time or finances are an issue. I came into a buy like that once and jumped on it like a fly on poo. lots of paint, soap and water, and gutter replacement. I also see there is no open house..........there may be a reason. If you haven't been inside this house, your questions are premature.

I'm also picking up vibes from the realty description of the heating plant. Why would a house this small have BOTH gas forced air and a boiler unit?

This post is premature since I haven't been inside. But I did walk the outside today. I found it odd the realtor would only show me the outside, but I didn't argue since he wasn't my realtor..

The realtor said some of the brick (red brick below the surface) basement walls had collapsed but been repaired. Red flag.. But I couldn't tell from the outside.
The rear addition did not have a basement and was constructed from large wooden beams which looked well done but open and cold.

The slab on grade garage (one of my must have's) is junk since water rotted the bottom plate in many places.. And the almost flat roof looked so saggy, I'm surprised a puddle didn't form and make it fail.

He went on to say the old couple who owned it died and their four children are selling at 200k after a recent appraisal. As is.. And if that means a firm price, I'm out.

Now if they dropped the price 40k. I would be interested.. But its a ton of work. And its clad with T1-11 siding I thought was real B&B.. I hate T1-11 !

Ask to have the house inspected, at your expense, before you write a contract.

I just bought a 1905 narrower version of a frame foursquare that had not changed hands since 1949. It has some notable assets but it also showed signs of benign neglect, so I told my realtor that I could not write a contract for it until I had had it inspected.

The most notable structural issues the inspector found were a couple of termite eaten sills that need to be replaced and basement damp from badly designed guttering.

I was prepared to walk away from my investment in the inspection had what was discovered been too daunting. Instead, I was able to make an offer that considered the work that needed to be done.

So far, so good.

I'm really confused. T1-11 or even plywood wasn't used as siding in the 1920s. It didn't start to be used until the 40s and even then as sheathing. Somethings not sounding right here.

They must have resided when the addition was built..

Nevertheless, I was practically holding back tears when I got close up because Im guessing who ever butchered the outside. Butchered the inside as well..

This classic isn't easy to walk away from. Maybe because one of my childhood friends lived down the block and I spent allot of time there. But it just felt right, but bitter sweet..

[IMG]http://i640.photobucket.com/albums/uu127/re-rod/88CD7DD1-8951-484C-8DF8-C4419944E1A8-484-0000003AF28090E7_zps0abb8779.jpg[/IMG]

Here is a link that might be useful: Addition and T1-11

The realtor wouldn't show you the inside? Huh?

If you are serious you need expert advice on site not from the internet. The foundation would probably not be concrete block but stone or cast stone, similar but quite different. The thing to avoid is a foundation that has settled causing stress on the foundation. Hopefully it only because of mortar leaching from excessive water exposure. Until a professional look at it you should assume the foundation might need underpinning.

What is the nature of the soil in the area?

If you are serious you need expert advice on site not from the internet.

Wiser words were ne'er spoken.

I'm not sure about the soil, but the home is on the edge of a long hill leading to the Iowa river. Great location!

I'm not serious about this one any longer because of condition, and that four people own it and all it takes is one, to shoot down a low, realistic offer.

But I found another. A 1200 sq ' home with 4 car garage and a RV space.. Perfect.. except for the train EVERY 3 hours.

You get so used to trains, that you seldom notice them anymore and when you do, it's rather enjoyable. It's a fond memory from my childhood.

I saw a lot of red flags on the first property, all needing good evaluation. Nothing wrong with input from the inet, but its real value is just to broaden one's own perspective and it always comes down to finding your own answers.

You get so used to trains, that you seldom notice them anymore and when you do, it's rather enjoyable. It's a fond memory from my childhood.

I saw a lot of red flags on the first property, all needing good evaluation. Nothing wrong with input from the inet, but its real value is just to broaden one's own perspective and it always comes down to finding your own answers.

You get so used to trains, that you seldom notice them anymore and when you do, it's rather enjoyable. It's a fond memory from my childhood.

I saw a lot of red flags on the first property, all needing good evaluation. Nothing wrong with input from the inet, but its real value is just to broaden one's own perspective and it always comes down to finding your own answers.

Oh good lord, how'd that happen? Sorry for repeating myself. GW gremlins.

When we made an offer on our 1880 home (a foreclosure), we got all kinds of reactions which were primarily "can you still get out of the offer?" We moved forward and the house has pleasantly surprised us at every turn. The craftsman you posted is beautiful -- I hope someone comes along and falls in love with it. If you could love it at a lower price I would consider making the offer - what have you got to lose? What you stand to gain is obvious, the house is a beauty. And the lot is incredible. Be careful that other peoples fears aren't keeping you from moving toward something that might be right for you .... Then again maybe I'm projecting my own dreams of owning a craftsman with a wide front porch on you....

Good luck whichever way you decide to go.

I think you'll find that owning a house is
asking for suprises. it goes with the territory.

best of luck in your search.

Dang! Wish we could see the inside - can't you go in with camera and take a few pics? Sometimes the neglected ones end up being most promising because they haven't been "updated" and modernized so much.

"AS IS" means only that the seller isn't going to do anything but accept or reject your offer - the offer can be whatever amount seems realistic to you considering your repair costs.

To bad your agent doesn't know anything about old houses - have you signed a contract? Ideally that person could be the one to be giving you ball park figures about repair costs. And then, if it looked feasible you could have an old house specialist come and look for an hour (for a fee) before you make the offer. There again, you wouldn't hire just any old inspector, but grill them good to make sure they know their stuff. Some do and some don't. Good luck!

I wonder why no interior pictures other than this one that's too dark to see anything. I wonder if you are buying the lot and there's a building on the lot.......that may or may not need to be demolished?? It's really scary that there are no interior pictures.

Here is a link that might be useful: more pictures