On Saturday we took a trip to the Woodstock area of SE Portland to look at a home right by Reed College. I received an email (as I usually do on a daily basis) and had this home listed at approximately $103 per square foot which is a bargain for the area. After we arrived there and took a walk through we could see why.
The outside of the home looked to be in good condition, but the inside definitely needs work. I think a good portion of the windows would need to be replaced since they appear to be the original ones (the home was build in 1925) and a few of them had the counter weights missing. There were also random sinks in some of the rooms that you can see from the slide show that didn’t really make a lot of sense. We were thinking we could either turn them into 1/2 baths, or just rip the sinks out. In the kitchen we would also need to rip out those white cabinets which would turn that area into a nice little dining nook.
For the amount they’re asking for the home it was definitely not worth it. Since the home was just listed a few days ago I’m sure this will drop several thousands of dollars over time. I think we’re looking at about $50k – $75k to get the home to the shape we’d want. I’d also want to do some work on the small “mother-in-law” apartment which is part of the house, but has its own entrance way, bathroom and kitchen. We could probably rent that out as a 1 bedroom and get about $700 a month for it which would help pay for the home and repairs. Maybe if it dropped down to $350,000ish it might be worth it.
