Introduction to the Property
The current property was a foreclosed home purchased from the Department of Housing and Urban Development. Before purchasing the home, our first step was to inspect the home and assess whether there was enough value and potential in the home to justify the investment. We knew that prior to being foreclosed on, the previous owners gutted the kitchen and smoked heavily in the home. Upon walking through the home, we saw that it was in really rough shape and had been very poorly maintained. However, we found that the home has good “bones” and is a good candidate for renovation and resale. The major factors that helped us make this determination were as follows.
Structure: The home was built as an 800 sq. ft. single story home on a crawlspace in 1946 but moved to its current location on a full foundation in the early sixties. Thus, while the original framing and floor plan are very old, the current foundation is a modern, well-constructed concrete foundation that is still in excellent shape. Many older homes of this time period have deteriorating stone or brick foundations that would require very extensive repair work that could make a rehabilitation cost prohibitive, but not so with this property.
Location: The location of the home is a secluded residential neighborhood of similar homes that have been, for the most part, very well maintained. After walking the streets we found the neighbors to be very friendly and noticed that they have pride in their neighborhood.
Economics: We were able to purchase the home at a price where we feel we can do everything that needs to be done to bring the home up to modern standards and still ensure a comfortable profit margin.
Here are some of the initial pictures we took of the home before.
Here are some of the initial pictures we took of the home before.

Exterior View, Front Elevation. Note the missing siding on the top, the damaged trim on the right corner, and the shingles which are at the limits of their serviceable life.
Interior view from the front door. Probably the best part of the home as is. Someone has spent some time painting and the carpet is in pretty good shape. If the rest of the home looked like this, we would not be here. The thing that cannot be seen in a picture is the smell of smoke and filth that assaults your nose when you walk in that proves that this home has not been kept clean.

Where the Kitchen used to be, one of the major problems with the home. Without the kitchen the home is considered unfinished and many popular loan programs declined to finance the home, which made it difficult for the bank to sell before we found it.

This upstairs bedroom is every little boy's dream, but unfortunately appeals very little to anyone else.

This bedroom was obviously in the process of being worked on. Notice the numerous patches on the walls and the worn, very outdated carpet. We love the style of the original solid wood doors. Unfortunately the closet shown is very small and has an exposed furnace flue inside the door to the right which is insanely against code. It is a miracle this home did not burn down at some point.

The stairs are very steep and tight. It would be impossible to get large furniture down into the basement, which has no legal Egress windows.

That oak bath hardware and medicine is soooooo 80's It must go.

The wood beadboard paneling might have worked for the guy that put this in, but not this guy. We do like the large window facing the back yard and will probably try to save it.

Kicked-in doors on the cheap vanity, old cast-iron tub with damaged finish, worn-out, outdated vinyl flooring, and that plastic crap glued to the walls for a shower. Need I say more?

Back Door. Opening onto the stair landing. Not wide enough to meet code requirements. Also just a really awkward, bad idea. Also, the exposed concrete foundation is not the most aesthetic finish possible in this situation.
Moving Downstairs now to the Family Room. Not the worst part of the home, but not anyone's dream family room either.
Downstairs shower. This is, without a doubt, the worst shower I have ever seen. Not only is it just cobbled together in the middle of the floor, it has no floor drain. Check out the next picture to see how they solved that problem...

"No shower drain? Totally not a problem. Let's just get a bag of mortar mix and form a little canal right down the center of the basement floor and hit the existing floor drain. Problem solved!" Also notice how all the existing plumbing has just been tacked up to the joists above.
Here is the poor excuse for a laundry. Tucked behind the main drain stack in a corner. Better than washing your clothes down in the stream by hand, but just barely.
Someone at some point tacked a little shed to the back of the detached garage in the back yard. I wish they hadn't. It has no foundation, the floor slopes about 3" to the left, and is framed with undersized roof rafters.
Interior view of the shed addition. Would have been a great idea if it were structurally sound, but it isn't. If you jump up and down you can feel the whole structure move. See how slim the roof rafters are in the top center of the picture? Not good. The floor is 7/16", which for those who don't know is a wall sheathing, not a subfloor. We're not sure what to do about any of this yet, just that there will be no "fixing up" anything here. If we do anything it will have to be quite drastic.