Misfitmorgan's Journal - That Summer Dust

misfitmorgan

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The mill street property is nice and the view is gorgeous. The house needs major updates, a new furnace, part of the foundation on the enclosed porch fixed, ingress/egress windows in the two basement bedrooms(only ones in the house), new windows and a new roof. The garage needs a new roof and a window fixed. Both the house and garage need new siding and possibly some insulation work. The barn needs some foundation work. All out buildings besides the barn need to be torn down, the corral need to be taken down. So that means a house the garage and a barn and we would need 100% new fencing. That would be ok but with all the issues a CU is not gonna mortgage it. The current owner bought this place with cash for 70k without any type of appraisal. The actual apprasial value would only be around 50k even with the new barn roof and he is asking 85k. The realtor brought up maybe doing owner finance but even if we did that we would have a high interest rate and by the time we fixed the issues we would have well over 130k into the place and it would still only be worth 85-90k. So i love the view but it just doesnt make sense.

So tomorrow we will go to the other place......this one
https://www.zillow.com/homes/for_sa...056,-82.154389,43.956247,-84.06601_rect/8_zm/

Not my favorite location but do-able. I can get hi-speed internet there so thats one problem solved. The 2 car garage has a full cement floor and room for a workbench or some deep freezers. There is a breezeway/mud room, two livings rooms a small back deck. There is a large workshop, a funny building they are calling a barn which is not, and a kinda odd carport turn into a wood shed thing. So livestock shelter is needed. The acerage was clear cut so it is left with stumps, logs they didnt want and over grown with autumn olive and russian willow(luckily goats eat that like crazy) so it would need to be slowly cleaned up. The soil needs amendment but that need is from the property being basically woods until 2yrs ago. The house needs updates and the basement has a small amount of water in it. The upstairs of the house is 1600sqft and the basement is 900sqft.

The property has a pond, grapevines, an orchard, rhubarb patch, asparagus patch, berry bushes and some nicer landscaping around the house.

So we shall see.
 
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babsbag

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That sounds like way too much to invest in that property; I can understand walking away. At least now you are approved for a loan so it is just a matter of finding the right one.
 

Latestarter

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Amazing how actuality completely blows away first impressions... :confused: Sorry the Mill St property turned out to be such a nightmare. Don't blame you in the least for the decision to not proceed. The view and stream would have been nice with the land but makes no sense to have to invest more than what it would be worth after doing so. Really surprised the previous owner invested the money on the barn roof when there were more important things needing fixed/updated... Maybe he didn't plan on living there and just wanted the land and barn? Best wishes to find something that's do-able/workable and acceptable.
 

Bruce

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I agree on the Mill St property. WAY too many major repairs. You can live with paneling for a long time but that sounds like a gut plus the foundation issues. And no outbuildings other than the barn (after you tear them down). Getting not much for your money.

I had not realized that the Mill St property was the one without HS internet, I thought that was the F-41 place. It looks like there is a big barn there along with another good size building nearby.
 

Baymule

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When one door slams shut, another one opens. And if internet is a major consideration, then i can attest to satellite internet. It beats nothing, but barely.
 

misfitmorgan

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Mill Street place would have been satellite or mobile internet....the f 41 place had high speed.

Suppose to meet the realtor tomorrow, we will be putting an offer in i believe. Asking 64k offering 62k. Two other are looking at it next week but it has been on the market for 8 months now, they however drop the price from the original. Original price was $87,500 and last drop was 6k on the 24th.
 
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