329 Adelphi Visit
First, let me say that it was a pleasure meeting the realtor, Bill Radtke, a really nice guy. This house will need a total gut job. The basement ceiling needs to be removed to determine the issues with the undulating (!) first floor. That said, this house seems really solid. It was most likely built…
First, let me say that it was a pleasure meeting the realtor, Bill Radtke, a really nice guy. This house will need a total gut job. The basement ceiling needs to be removed to determine the issues with the undulating (!) first floor. That said, this house seems really solid. It was most likely built in the 1840s or somewhere therabouts and maintains its original clapboards under the shingles. The framing is solid (likely oak) 4X5, 24″ on center and filled with brick, which is why, despite the floors, the house stands plumb. It needs a new roof, all new plumbing but does have circuit breakers and a fair amount of new BX. There is nothing salvageable AT ALL on the inside except the crown moldings, which are pictured and quite interesting and a nice stair rail. The stairs are built against a curved wall and will be a beautiful feature once that wrap around rail is restored. The fireplaces have been long ago sealed up and there is one rather plain marble mantle.
The basement is full height and legally occupiable. The top floor has decent ceiling height to make a large bedroom and perhaps add a small bath. About a third of that 24′ X 35″ floor is usable.
So, it’s really about 3,100 sq. ft. in total usable space. Carve out a utilities room in the basement from that figure.
The door and window casings outside might be slavageable but in reality should be replaced along with the windows, which are not slavageable. The porch needs to be completely rebuilt but the columns are salvageable.
The house next door which someone linked in yesterday’s HOTD thread has been completely restored and is a copy of this one wrt porch & casing details. The addition on the back, though it shares the same basement is a bit funky with the second floor level lower than the main house. It was originally detached.
It’ll make a beautiful house but it will require far more than $200-300,000 in renovation, ptobably $500,000.
I last did a gut reno in PA in 2000 and easily spent $300,000 on a smaller project.
The last comment I made to Bill as we were leaving was that dealing with LPC on the exterior was going to be the least of your problems. But if someone with the passion can see this as the size house that’s good for them, it’ll be a great project and it’ss be worth more than $1.2 MM when done correctly.
Ed: The original House of the Day post can be viewed here.
brickoven…i don’t know if you could get a C of O change to make it a two family but you can certainly occupy it yourself. Basement was dry, high enough ceilings and had a bathroom. Whether or not you can advertise it as such when reselling, I don’t know.
There is a back entrance to the basement through the yard. I don’t think most owners of this property would be interested in turning it into a two family though. If they wanted to and could, all the better.
First off all leverged ETF’s have problems. We have made them off limits to our clients portfolios. I trade them for my pers. account but you really have to know what you are doing to make money on them. Second Dave just becouse The basement is full height why would you think it is legally occupiable?
quote:
1) agreed, rookie, I don’t know what construction workers cracking open a heineken (!) on the job rob is talking about.
come to Soho on any weekday. ask Dipster, he’ll verify. i kid you not they all pack into the cheap places to eat around here and drink beer after beer after beer after beer in paper bags. then go out and are handling huge machinery. granted, the beer might actually help them coordinate better, who knows, but still. really all you see most of them do is stand around making nasty comments to every chick (yeah i said chick who cares) who walks by. i see it everyday, at every site in manhattan.
really, i was not talking about contractors and workers working at private residences and stuff.
*rob*
whoops, that post made it seem like that was all for rookie.
it was two thoughts: (1) agreed, rookie, I don’t know what construction workers cracking open a heineken (!) on the job rob is talking about. (2) the math Q was for DIBS.
agreed, rookie. without a character attack DCB found necessary, I actually don’t get your math either. but, my opinion is that the numbers, both for renovation (that place is a mess) and post-reno sale (if done right), would be higher. nonetheless, the current asking price is nowhere near what would make this a worthwhile investment under either of our calculations. I guess you were hoping for a severely discounted price?
quote:
I don’t even know why I’m bothering, but I just can’t let the Rob posting go. As someone who is at this very moment sitting in my dining room while a group of hardworking dudes renovate another part of my home, I can tell you that these guys work their a***s off.
dude that’s cuz you are there hawking over them and it’s in your own house. im talking about people working construction outside putting buildings up and stuff. relax, my comment wasnt meant to insult people who work hard at all which im sure your guys are doing. im talking about the guys i see on the street all the time. sheesh! why dont you crack open a heineken like the rest of them!
*rob*
Rookie…rob probably sees the union guys on a big job. You’re right, most small independent guys and their crew work their asses off.
I don’t even know why I’m bothering, but I just can’t let the Rob posting go. As someone who is at this very moment sitting in my dining room while a group of hardworking dudes renovate another part of my home, I can tell you that these guys work their a***s off.
The URE has underperformed even on up legs. That was my point. Look at the chart. It couldn’t be any easier to see if it hit you in the face.