Recent Report on Potential Investment Property
Copyright (c) 2013, Deanna and Jim Gilbert
(Subject property is still available in Manassas, Virgina.)
We share a sample analysis of a potential investment property we were recently asked to evaluate.
I spent quite some time at this house. It literally provides
multiple ways to loose large amounts of money!
1. House is on a little hill but all the rest of the land is much
lower and very near water level of the stream right behind the
property.
2. Back of property has a "shotgun house" style long, old, wood house
built on block pilings with moldy roof and siding, broken windoes and
semi finished interior. This house may have been lived in at one time
but is clearly something that needs to be demolished now. It will cost
sometime to tear this carcass down and haul it all away.
3. I could not find the well on this or neighboring properties.
4. I did find a septic cleanout, the rectangular metal lid of the
septic tank (very old style) and the broken open top of the
distribution box with 3 runs going out of it. The distribution box was
no more than 12" below the soil. There are only 3 runs and they go
right down into the lower level of the lot where the ground is likely
to be wet everytime it rains.
5. There is water standing in the lot across the road. So much for
nice percolation in this soil
6. The is a 1008 square foot Cape Cod that was added on to multiple times.
The additions included concrete block foundation addition on the left
end with a shed roof that houses the kitchen, a bedroom and sunroom
addition on the back, and a breezeway to a garage.
7. The house is old, old, old with lead paint and baseboard electric heat.
8. There is a musty, cellar under the center part of the house which
must contain the water heater. stuck my head in but did not go down
there.
9. The house smells of mildew/mold but not heavily so.
10. The kitchen was spacious and modern looking in 1971 or whenever
they added it.
There are 2 Cape Cod style tiny, slope-roofed bedrooms upstairs, 2
more bedrooms on the right side of the main level, and one more in
back.
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