Today I put a property under contract for $90,000. I gave myself 30 days inspection. Why? Because this is a monster like I have never seen before and there are no comps within 1000 miles I'm sure. These people are living in a 14000 SF building.. 7000 upstairs and 7000 downstairs. I know, it's crazy. Okay, here's the scoop. They have 9 children and 2 great danes so they utilized every square inch.
Approx. 6000 SF upstairs is a gymnasium with tongue in groove wooden floors, basketball goals, bleachers, the whole nine yards. She said they used that for entertaining, skating, dancing, etc. The remaining square footage upstairs is an apartment complete with a bedroom, den, kitchen and bathroom. One of the daughters and her husband live there. The downstairs is a conglomerate of rooms that include several living areas, 2 game rooms, storage rooms, a library that has wall to wall book shelves (with books) and a huge kitchen with a refrigerator that looks exactly like two large refrigerators side by side (but it is one unit with a freezer on one side and a refrigerator on the other). There is a huge island in the middle. This is the biggest kitchen I've even seen. Also there are a total of 11 sofas in the house, so this should tell you how large it is. Now this place has had some serious work put into it. These rooms are all fully furnished and decorated. There are 7 or 8 Bedrooms downstairs (I lost count). They have spared no expense in building these rooms. They put a new roof on the entire building 3 years ago when they bought it. They updated wiring, plumbing, flooring, walls, ceilings, made windows where there were no windows, etc. Just last week, their HVAC units went out. They had one 5 ton and one 10 ton, but since they are planning on moving, they are not going to replace these so that will be one big expense.
There is an electrical room that has 7 of those electrical boxes on the wall (I counted them). There is a large ceiling fan in the gymnasium and the house actually wasn't that bad when I went inside today and it was 96 degrees outside. To me, it looked like a hotel lobby with all the rooms and nooks. The owner and her husband had their own separate area complete with double doors also downstairs that consisted of a large bedroom, living area, and bath. This sits on 3 acres with almost 2 being the back yard and totally fenced with chain link fencing for their two great danes. There is a 20X30 building outback that is wired and has water, but no sewage hookup. It had a window A/C unit and they let their dogs stay there to get out of the weather.
So, how does one price this type of structure? It is not zoned at all according to the owner. He said it was at one time years ago zoned commercial. I remember the building from when I was a little girl. I used to go there and skate and shoot basketball. It also used to have pool tables and a bowling alley inside.
I came up with $90K because of all the work that had been put into the house/building. It could possibly be converted to a multi-plex and house maybe 12-16 units. They were hoping to get $100-$150K, but I'm not even sure if we can get $90K, let alone more to include my profit. If anyone wishes to see pictures I made, PM me and I'll be glad to send them and hopefully somebody can offer some suggestions as to how I can market this beast!!!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.