Asked by SWJ87, Norwich, CT • Tue Jun 24, 2014
I recently inherited a historic 5000sq ft. 4-family rental property that is in the middle of renovation. The house has updated electrical, new furnaces and new hot water heaters, new gutters and the roof was recently repaired and is in good condition. However, much of the first floor requires updating and the second floor has been prepared for remodel (all plaster/lathe removed from walls/ floors pulled up). The house is on about an acre in a decent area but the yard is overgrown and the house really needs to be painted outside. There seems like a million little (and some big) renovations that are needed to get this house up and rented. While I appreciate the gesture, I do not have the time or money to engage in a renovation. The house comes with a mortgage of about $180,000 still to be paid off. It was appraised in the last few years (ripped up and mid remodel) at ~$275,000. Years ago, and with its full rental potential, it was worth over $500,000. What should I do? Can I sell?
Real Estate in Norwich
Popular Categories in Norwich
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!