by melissakd on Sun Jun 03, 2012 5:09 pm
We'd be a lot more game to deal with this, but our original plans were based on an incomplete understanding of the financial situation. When the truth came out, my DH merely buried his head in the sand. Now we're stuck.
Plus, as I've said before, this property is not worth restoring. It's old, it's got a moderately interesting history, and it's still standing, but it was never very well-built in the first place, it has no wonderful old details (except the fireplace), and frankly its true calling is as an investment property. From its earliest days (1870s) it was lived in by boarders and renters. It's too big for a single family, unless that family was well-off...in which case they would buy one of the nicer houses in the neighborhood. And it's zoned R-2 (residential two-family) in the city's #1 rental area.
All of my garage's original rafters were rotted and fell apart.
My parents are consulting with a real-estate friend right now about it. We don't even know whether we'd get our money back if we sold it---or whether we COULD sell it in today's market, given what landlords want. [Getting our money back would involve selling for maybe three-quarters of the assessed value.]
The Thaddeus W. Bayless House
Built between July 1863 and January 1865, major add/reno between 1890 and 1902
Style = Mutt