What would you do? Best place I could think to put this topic.
Heres my situation, looking for a house to rent in my hometown as my girlfriend and I have entertained moving away in a few coming years. Rent for a standard 2/1 home in my part of GA is $1000 a month for a decent house. With not looking to buy now we have decied to rent. Well weve found alot but nothing we would pay for, being picky I guess. Then today I stop on at an old house maybe 40s to 50's era farm home that is for rent on a lot with a newer ranch home thats been for rent sometime near where we currently live. Stop and alked throught it as some jerk had kicked the front door in. No vandalism but needs repairs to kitchen floor a few walls, ceiling and bathroom would need new fixtures, old one would work but I have a plumber/electrican/hvac friend who can get great deals on drop ins, toilets, sinks, etc.
The house is way cool, tin roof which needs replacing, hardwoods, double fireplace, half in kitchen and half in great room, screened in rocking chair front porch, large utility room with w/d hookups, its on gas and is sided with aluminum siding. Now...
Call the owner, he was trying to sell or rent the place, I brought up the point of doing repairs per lowering rent or reimbursement. he said he wants to go with the new style aluminum roofing and pvc the plumbing, its on a well I believe. It needs some TLC but has huge character and would be a great place as wee love old homes.
The owner says he could reimburse cost on materials, free rent, have the roof and plumbing done and ask what he wants a month or we can repair. He only wants $500 month and sais he'll negotiate, of course all would be signed contracts with notary before anything but he seemed like he would hate to see it go downhill and be bulldozed, which its no where near that stage, but hes trying to sell the acerage.
I know it has problems, but patchig the roof and havin the utlities turned on and its liveable but not pretty. What should I expect, i know it has to have termites, is it worth it, again Im only renting, health concerns? If its clearly salvageable maybe the potetial to buy for low low, renovate, live there and pay it off then make a bundle on resale and buy house at beach then move? Hey just ideas, tell me about the house Im looking at, your advice, opinions, sorry if my spelling and words are crap, im short oon time and speed typing. Thakks in advance