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Contract Canceled

May I introduce what some in the real estate game refer to as…

The Money Pit.

Every square foot of issues with this 83 year old (actually older) home is outlined in a 103 page inspection report. By far the largest report we’ve ever had on a home inspection. Ever.

I’ll skip through all the boring issues and jump right to the major. The house is literally sinking into the Earth. The foundation repairs need both a structural engineer and a historic home contractor to work through a plan to lift it back up. The cost alone for this work is something north of $80,000. Weakened floor joists & multiple points of water intrusion in the crawl space doesn’t help the situation either.

All the Windows need to be replaced or restored. Which are a custom size so that adds up close to $30k. In WINDOWS.

Let’s see…all of the floors have bowing and let’s not forget to address the active fungi growth in the basement and mold inside the house. The roof has been leaking inside the walls of the home for awhile. The plumbing leaks into the crawlspace as well. Nevermind the lead paint abatement or encapsulation that would be 100% needed too.

I suppose I should note a positive. The wiring had all been replaced and there’s no knob and tube left which is a savings of $10k, lol. The A/C is 7 years old so that’s a plus. The home drips with character and has so much potential, but…

It will have to be someone else’s $150,000 that will save it. Because that $150,000 is just to make the house liveable and safe & doesn’t include any of ‘fun’ renovations.

The search continues…

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