Looks can be deceiving..

"Deal Killer - Powered by Focus" (dealkiller-ii)
03/31/2018 at 10:14 • Filed to: None

This is my current appraisal assignment. It doesn’t look like much on the outside, but within lies beautiful original woodwork, pocket doors galore, and lovely plaster work. It is, however, worth maybe $50,000 for a 3,500 sq.ft. home. A 117 year old mansion surrounded by a shitty neighborhood.

DISCUSSION (48)

bob and john > Deal Killer - Powered by Focus
03/31/2018 at 10:21

....50K for a 3500sqft house.

god DAM am i jealous of you americans

farscythe - makin da cawfee! > Deal Killer - Powered by Focus
03/31/2018 at 10:27

looks like something the adams family would live in..... i like

E92M3 > Deal Killer - Powered by Focus
03/31/2018 at 10:29

$50k? Is that a typo?

It looks rough, but still. If it was restored that could be worth 1 Million+ here. On the right street even more.

punkgoose17 > Deal Killer - Powered by Focus
03/31/2018 at 10:31

I would live there. Too bad I have 0 equity in my house and moving sucks. I plan on putting some pocket doors in my house.

BigBlock440 > E92M3
03/31/2018 at 10:37

Nope, I’ve seen houses similar to that listed for $90k. It’d be neat, but I need a bigger yard than that. What usually happens is they get turned into 4-unit apartments.

K-Roll-PorscheTamer > Deal Killer - Powered by Focus
03/31/2018 at 10:37

Doesn’t look like much on the outside?? That’s like saying a Miura looks so-so.

DipodomysDeserti > bob and john
03/31/2018 at 10:48

A house like this selling for this price is most likely in an area with terrible public schools (or no public school and only profit driven charter schools), with a high probability of getting shot.

I’d buy it and turn it into a B&B. Market it as a “pre gentrified B&B experience” to hipsters.

I wouldn’t actually do this because it is exploitative, but someone probably will.

Deal Killer - Powered by Focus > E92M3
03/31/2018 at 10:48

Nope, $50K would be generous. It’s located in the “Vistula” neighborhood of Toledo, OH, which is the oldest part of the city, with most homes being built prior to 1900. Lots and lots of tenant occupied homes, with many being vacant and in tear down condition. It’s really sad seeing historic homes deteriorated to such an extant. I don’t know where you live, but even if this were in one of the suburbs of Toledo, I’d doubt it be worth more than $500K -$750K if restored to original condition.

Deal Killer - Powered by Focus > DipodomysDeserti
03/31/2018 at 10:50

The owner is actually thinking of stripping out all of the original woodwork if the appraisal comes in lower than he needs to refinance. He’d write a check for the remaining mortgage and drop the keys on the front door when he leaves.

DipodomysDeserti > Deal Killer - Powered by Focus
03/31/2018 at 10:54

Where is this house located?

fintail > Deal Killer - Powered by Focus
03/31/2018 at 10:59

Probably also haunted, although likely no issues with only headstones being moved.

In 1900 dollars, this thing probably cost 10-15K. Sad. I guess Toledo isn’t too far removed from Detroit and so much of that region, which has so much lovely old housing stock left to rot. It’d be into 7 figures in Seattle even if it needed absolutely everything.

If only EssExTee could be so grossly incandescent > Deal Killer - Powered by Focus
03/31/2018 at 11:04

Kinja'd!!!

With a bit of spit n’ polish you can have it looking like this.

wafflesnfalafel > Deal Killer - Powered by Focus
03/31/2018 at 11:07

Neat - that’d be 1.4mil, maybe 1.6 in an average neighborhood in Seattle in exactly the same condition.

fintail > bob and john
03/31/2018 at 11:16

Come to Seattle, you won’t be jealous. It isn’t quite the money laundering mecca of Vancouver real estate, but it is trying really hard.

Deal Killer - Powered by Focus > DipodomysDeserti
03/31/2018 at 11:25

Kinja'd!!!

Just east of I-280, on Summit St.

shop-teacher > bob and john
03/31/2018 at 11:25

Location, location, location. There are a lot of formerly grand nieghborhoods that have become slums in the US.

E92M3 > Deal Killer - Powered by Focus
03/31/2018 at 11:31

Sad, I love seeing them restored. Finding a person that has the craftsmanship would prove diffucult though.

I’m in Atlanta, if that was in Grant Park or Garden Hills it would be worth over 1.5 million.

Nom De Plume > bob and john
03/31/2018 at 11:39

It says more than we would like that the rest of the developed world considers a 300 year old building new. You should see the quality of new construction if a really well built 100 year old house that probably only sheltered one small family at any given time is 10 years from uninhabitable.

Deal Killer - Powered by Focus > E92M3
03/31/2018 at 11:49

Yeah, finding people to do the work on these types of homes is very difficult. The gutters need repair, but are built into the roof, so a would need to be taken apart, repaired and placed back into the roof line. A difficult and time consuming repair. The wood siding has deteriorated pretty bad. You may be able to reside portions of the home with vinyl and make it look good, and leave some of the original detail on the front. It’s in an area that is not under a “historic” district that would prevent such renovation work. That’d be my recommendation, as replacing the bad wood siding would be very expensive. And then power wash the front stone porch and cupola, I’d bet it’d be real nice after getting 100 years of grime off of it.

415s30 W123TSXWaggoIIIIIIo ( •_•))°) > bob and john
03/31/2018 at 12:26

In SF you can get a cardboard box

Thomas Donohue > If only EssExTee could be so grossly incandescent
03/31/2018 at 12:26

You could spend a few hundred thousand to fix it up, but it would still be in the same neighborhood. Location, location, location.....

Kinja'd!!!

415s30 W123TSXWaggoIIIIIIo ( •_•))°) > Deal Killer - Powered by Focus
03/31/2018 at 12:29

Kinja'd!!!

Hey my cousin Hassan used to live there!

bob and john > fintail
03/31/2018 at 12:34

dude, toronto puts that stuff to shame.

you want ANYTHING with land? million plus almost by default

E92M3 > Deal Killer - Powered by Focus
03/31/2018 at 12:45

Is that a detached garage in the back too?

Galileo Humpkins (aka MC Clap Yo Handz) > Deal Killer - Powered by Focus
03/31/2018 at 13:06

I don’t think looks here are deceiving, that is a beautiful house that I’d love to own (just in a different location).

Deal Killer - Powered by Focus > E92M3
03/31/2018 at 13:11

Yep. Two car detached.

Deal Killer - Powered by Focus > Thomas Donohue
03/31/2018 at 13:16

Your finally street view is just about spot on. Yeah, neighborhood is full of vacant/decaying housing stock.

XJDano > Deal Killer - Powered by Focus
03/31/2018 at 13:18

Should move it.

XJDano > Deal Killer - Powered by Focus
03/31/2018 at 13:18

Should move it.

boxrocket > Deal Killer - Powered by Focus
03/31/2018 at 13:37

Damn, I wish I could rescue it and move it to a better location.

Deal Killer - Powered by Focus > boxrocket
03/31/2018 at 14:07

It can be done, although with great expense and lots of time.

http://www.thegazette.com/2009/08/10/125-year-old-mansion-is-one-the-move

arl > Deal Killer - Powered by Focus
03/31/2018 at 14:09

That is a very cool house. I would hate to own it due to all the maintenance. But I can only imagine the awesome woodwork and tall ceilings inside.

arl > E92M3
03/31/2018 at 14:10

That’s a million dollar house in the DC suburbs, for sure. Maybe more.

Matt Nichelson > E92M3
03/31/2018 at 14:31

Isn’t Buckhead real upscale? It’s mainly commercial though, isn’t it?

Dr. Zoidberg - RIP Oppo > Deal Killer - Powered by Focus
03/31/2018 at 16:01

That would be 600k in freaking Everett

Dogsatemypants > Deal Killer - Powered by Focus
03/31/2018 at 16:22

Location be damned. I will build a fence. I want.

Dogsatemypants > Deal Killer - Powered by Focus
03/31/2018 at 16:24

12ga. And razor wire make peacable neighbors of most. Obligatory trespassers will be violated sign.

Deal Killer - Powered by Focus > Dr. Zoidberg - RIP Oppo
03/31/2018 at 16:25

Does everyone on Oppo but me live in the P.N.W.? It seems like it.

Teh Penguin of Doom > DipodomysDeserti
03/31/2018 at 18:42

Not everybody has kids, and not everybody ventures outside carless.

Teh Penguin of Doom > Deal Killer - Powered by Focus
03/31/2018 at 18:47

Huh. I’ve never been to Toledo. I do remember seeing quite big and quite nice houses in the $50K range in dying no-jobs towns in rural Ohio.

Two questions for you:

1. Are there many amateur “investors,” especially from abroad, getting cheated into buying these kinds of houses (sight unseen)? Comparing with Detroit, and the people from China who get conned into “buy a three-bedroom house in America for just $20,000!”

2. Insofar as there aren’t many comps I’d imagine, and a whole lot of judgment, is there a lot of bribery and other underhand dealing among appraisers? Back in the early 2000s housing boom, it seemed that every shady dropout acquaintance of mine was becoming a home appraiser for the fast untaxed bundles of cash.

fintail > bob and john
03/31/2018 at 19:30

It’s the same if you want a detached house with a Vancouver address, too. Even a crackshack on a 30x70 lot in a demilitarized zone (Van has rough areas, too) will be seven figures. Of course, those are loonies, roughly 750K USD now. Gotta how wonder how it happens and how it can last, as income to house price ratios don’t compute. Something else is going on.

A little less in Seattle, but not massively - even ordinary houses in “up and coming” areas can be close to 1MM CDN now. Seattle got started late on the offshore money launderer/speculator/”investor” game, that combined with the tech boom/SF influx has made it insane over the past 10 or so years.

DipodomysDeserti > Teh Penguin of Doom
03/31/2018 at 19:35

Not having kids or a car won’t cause your property value to magically rise if you live in a crappy school district with lots of crime. That’s why this property is so cheap. If you’re someone who just wants a cool project house this would be pretty cool, but most people with enough funds to buy a house and fix it up don’t like throwing that kind of money at something that they’ll never even be able to break even on. I don’t know of too many people whose dream it is to retire to a bad neighborhood in Toledo.

Teh Penguin of Doom > DipodomysDeserti
03/31/2018 at 20:25

It could be fine for somebody who needs a place to shit and sleep. That’s my point. Obviously at this price it’s not most people’s dream home. Although perhaps living mortgage free has its charm too.

E92M3 > Matt Nichelson
03/31/2018 at 20:46

Yeah, it’s surrounded by a lot of expensive homes though. Garden Hills is a neighborhood in the center. A teardown in there is $800k.

boxrocket > Deal Killer - Powered by Focus
03/31/2018 at 21:13

Yep. I think there was even a TV series about moving houses a decade ago or so, which gave me the idea. Granted, I appreciate old houses (I grew up in a family whose business is doing antique and high-end remodels and design/builds) but at the same time there’s something to be said for a house with modern construction & amenities but made to look timeless and impressive like the mansion pictured above.

DipodomysDeserti > Teh Penguin of Doom
03/31/2018 at 21:30

Oh definitely. Shit, I’d do it if it wasn’t in fucking Ohio.

Deal Killer - Powered by Focus > Teh Penguin of Doom
03/31/2018 at 23:20

As to the first question, I see a lot of out of town buyers for home in older sections of Toledo but I couldn’t tell you if they are being “conned” into buying p.o.s. Houses. Most are buying several rental properrties, but have a habit of neglecting them.

For the 2nd question, I don’t know of any appraisers who got rich in the early ‘00 doing this work. Were their some that hit any number for the right fee? Sure, but they were known in the industry and eventually couldn’t get any work from lenders. Now, it’s much more regulated and reports are reviewed more heavily than before.

Manwich - now Keto-Friendly > bob and john
04/01/2018 at 01:15

You can get similar value in Canada... if you go to a place like Windsor:

https://www.realtor.ca/Residential/Single-Family/19221037/560-562-CAROLINE-WINDSOR-Ontario-N9A6A8

https://www.realtor.ca/Residential/Single-Family/19169237/1015-HENRY-FORD-CENTRE-WINDSOR-Ontario-N8Y2T4

https://www.realtor.ca/Residential/Single-Family/19235078/495-OAK-WINDSOR-Ontario-N9A5E7

https://www.realtor.ca/Residential/Single-Family/18667897/1180-ALBERT-RD-WINDSOR-Ontario-N8Y3P6