Reality check! Re: buying a ( wrecked) old house
Help! My husband and I are deliberating over the purchase of an old house, and have it down to 2: the first is a beautiful 1812 row house in perfect shape, completely restored. The second is a disaster: a huge, rambling 1880 brick detached house in complete disrepair. My question is this: ( and I apologize for the generality of this query)the house has visible water damage. The ceilings have been wallpapered and the paper is hanging down, in shreds, from the water. There are large cracks in the ceilings. The kitchen and bathrooms need to be gutted ( there are 4 bathrooms). My husband thinks "all this" can be done for $200,000 ( The house is in Eastern PA) I say he is crazy. Any advice?