And what about insurance should someone or something get hurt/broken.
A commercially zoned property with some character, even in a small town in rural Midwest, should cost a whole lot more than $9,500, unless there are some major issues with the property.I bet there is both major lead paint and major asbestos remediation work needed. How about the ground - any chance an old underground oil tank began leaking into the soil and that needs remediation, also?I bet the roof needs replacement.Odds are pretty good that there is some sort of vermin infestation, maybe termites. A hundred year-old basement may very well have leaks and the property may have flooded. If it's been unused for an extended period, it may not have had electricity to operate a sump pump and the last few heavy rains may have flooded the basement with the result that you now have a mold infestation.How is the electrical system? Is it adequate for current commercial and/or residential needs or is it original and thus likely needs to be replaced?How about the HVAC system - is it adequate to heat and cool the building? Is there any insulation in the building or have many of the walls been stripped to bare stone/brick?How about parking - do you have a neighbor about to revoke an easement and build a fence through your driveway or parking lot?What is the property's current zoning? Does it have to have any sort of detailed real estate problem disclosure form detailing all the problems with the property or is that not required in Ohio for this type of building?Is the land included in the purchase price or is it built on some sort of easement/property rental arrangement?Any existing liens on the property or other title problems that would greatly add to the cost to clear?How does the price compare with other similar properties in the town? If it sounds too good to be true, it almost certainly is.Sounds to me that you need to clear up some of these issues before considering this property any more seriously. If you were seriously considering putting in an offer, you'd be foolish not to hire a good home/building inspector to advise what needs to be done to the property to comply with code and make it useable for all intended purposes. You'd probably also find the $400-$600 or so in legal fees (that's about what we spent when we bought our house some years back) money well-spent on a real estate lawyer to make sure you're getting exactly what you think you're getting instead of a rat's nest of easements and liens.Hate to rain on your parade, but this really seams to be a case of a deal that looks to good to be true.
Certainly all good advice, but these properties can be had in small town Midwest. They are not all "too good to be true". Sometimes they have a hard time giving them away...
Quote from: Gresh24 on November 18, 2014, 01:00:18 PMCertainly all good advice, but these properties can be had in small town Midwest. They are not all "too good to be true". Sometimes they have a hard time giving them away... Detroit man wants to sell house for new iPhone Posted: Oct 06, 2014 9:42 PM CDT Updated: Oct 08, 2014 9:02 AM CDT By myFOXDetroit.com DETROIT, Mich. (WJBK) - This east side house in Detroit is definitely for sale. But after months and months on the market and a few price drops, the homeowner isn't after your money."It's a real listing," said realtor Larry Else. "My client is overseas and he told me he would be willing to trade the properly for an iPhone 6. It sounds to me like he wants the (iPhone 6+) version, but I think he's willing to negotiate."The seller will even swap the house for a 32-gigabyte iPad. The three-bedroom, one-and-a-half bathroom brick colonial on Britain and Laing is a real fixer-upper. But it does have "gems" as Zillow.com mentions, including a finished basement, a plush garden and city views from the upper deck. The bungalow was listed for $5,000 but recently dropped to $3,000 or the latest and greatest in Apple technology. "It needs to be torn down," said Ameir Walker, who lives nearby. Not everyone agrees."I work on houses, so I would love to have it for that," said Jamal Kemp. "It doesn't take a lot of money to fix these houses back up. I would (be willing to buy it)."There is one tiny little catch, the buyer will have to pay back taxes of $6,000 and counting. Like most things in life, that too is negotiable. http://www.myfoxdetroit.com/story/26719921/detroit-man-wants-to-sell-house-for-new-iphone
So I have it down to around $8800 for the property.It's not what I want in a lot of ways and was going to pass.However. I have a friend that I may go 50/50 with to buy.Given our skills and such? It could work out to be a nice investment.
..... For that price, assuming there are no back taxes to clear, ......