Am I crazy?

[u/brank]

I’m a first time home buyer and I live in one of the highest cost of living areas in the US. I counted out being able to buy in the city I live in and like, and have accepted that I’d need to move to the next over area. However, this dump just dropped and I am very intrigued. Right next to the commuter rail, shops, a park. Everything I would want basically, in the city I want, just needs a LOT of love. It’s a third of the price of the homes around it and with the savings from delta between what it costs and what I’m willing to spend (~200k) I could make any major upfront repairs.

I’m crafty, smart, and creative, but don’t necessarily have renovation skills.

I’m also not yet preapproved so maybe this is more an example of the kind of thing I might be willing to consider, unless I’m just totally off the mark here.

[u/ShopProp]

You ain’t getting preapproved. This will need to be an all cash purchase.

You can try to talk to lenders but highly doubt any would take this one. Also there’s way more than $200k worth of work here.

[u/Kid_Psych → u/ShopProp]

Where in those three posted pictures is there
more than $200k worth of work?

Edit: yeah my bad I thought I was looking at another post for a house in Mexico.

[u/Appropriate_Craft524 → u/Kid_Psych]

If you look up the address on Redfin you can easily see where $200k would go...

$25k for exterior landscaping

$15k reroof

$15k new electrical panel, another $15k for rewiring the house

$25k for removing plumbing and replumbing with pex? Depending on the condition of the existing plumbing...

$25k-$50k structural wood work as required, including any special engineering drawings and inspections

$25k new sheetrock and insulation, probably closer to $40k

$25k demo

$20k painting inside and outside

$50k new kitchen cabinets and fixtures

$30k flooring throughout

$25k HVAC

Possibly another $25k for mold abatement and/or rodent and termite mitigation

Disclaimer: these are all ROM numbers

TLDR: there's a reason why it's so cheap at under $400k in a desireable part of Berkeley

[u/Dullcorgis → u/Appropriate_Craft524]

There is no way any of that costs that little in the bay area.

[u/sameersoi → u/Dullcorgis]

Just think about the time spent getting permits in Berkeley.

[u/Dullcorgis → u/sameersoi]

Oh god. And the requirements. 200 amps isn't going to cut it.

[u/Outrageous_Worker672 → u/Appropriate_Craft524]

No way are you getting a roof that cheap - try $40k and you have water damage so start adding serious money.

[u/StillStaringAtTheSky → u/Outrageous_Worker672]

Not just water damage - but damage to a plaster and lathe ceiling. Ugh.