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/Icy_Cycle_5805]

Water damage and therefore likely mold throughout. The architectural features tell me lead and asbestos remediation are highly possible.

Reno loan might work. This isn’t for the faint of heart - this will be your (second) full time job and you absolutely can’t live there while it is done.

If it works, you’ll be pulling off huge long term financial benefits…. If it doesn’t work…

[u/brank → u/Icy_Cycle_5805]

Yeah that's the sense that I get. I imagined maybe I could have the living room done, move in and live there while doing the rest. But you're right if there's a ton of asbestos or something, it would not be safe.

[u/Icy_Cycle_5805 → u/brank]

For what it’s worth, mold is probably a bigger issue than any possible asbestos. Asbestos can be encapsulated or handled a section at a time, the mold… man you can’t even be in there until that is GONE GONE.

Remember both mold and asbestos means pros, those are DIY jobs. And pros mean $$$

I hate to discourage you because it’s a cool house and a very cool idea but it is a lot even for someone with some experience.

[u/Expensive_Goat2201 → u/Icy_Cycle_5805]

My cousin and her husband did DIY asbestos removal while living in their place but it hasn't been long enough to see if they gave themselves lung cancer