I looked at this house a few months ago, was going to make an offer but someone else scooped it up. Looks like the deal fell through since it’s back on the market now, and for the money this place is a steal:
3/3 side by side duplex in the City of Tonawanda, solid foundation, separate basements, pretty solid mechanics, huge walk up attics in both units. Since I’m already in the process of closing on my single family place, I figured someone should benefit from the research I’ve done. Should be able to easily pull in double your monthly payment with income from this unit.
The only major issues I noticed is that the front porch seems to be sagging a bit and would need to be stabilized, it needs some cosmetic work done (refinishing the hardwood floors and painting it would cover most of it) and the chimney needs some maintenance inside the house (you have direct access to it in the walk up attic, some of the bricks need to be replaced).
I can’t really say as I’m just buying my first place and going for the SONYMA loan, which is less strict than FHA from what I hear, so I don’t really know what they’d say. I do know that the basement seemed like pretty solid poured concrete, the roof had been re-done somewhat recently, and the electric/plumbing had both been upgraded fairly recently if I remember correctly.
The porch wasn’t leaning so significantly that it’d need repair right away imo, but I’m a perfectionist when it comes to stuff like that so I’d probably have wanted to deal with it sooner rather than later. The chimney was the the only thing I looked at and thought would need to be dealt with right away, but I’m not a home inspector or an expert on masonry so I really don’t know.
No problem. Also, I still have an automated search set up with my realtor, and this house is not listed in the MLS. It’s only listed on Zillow for some reason. Not sure what that means, just figured I’d mention it.
Hmm, well I don’t have access to the MLS listing to search that number, but the automated search I have set up for all multi-unit places in 14150 doesn’t show it.
Last time I dealt with them, it was fairly detailed. They look at a lot of things in a lot greater detail than most home value inspections. I’d say it’s the level of a mediocre Home Inspector level.
the thing that hangs up most people on FHA is chipped and peeling paint. you can’t have it on the home or any buildings on the property unless it is obvious that the paint is from a post-1973 (i think) time. for example a house built in 1992 with chipped paint…it obviously isn’t lead or covering lead paint.
FHA does not require a “home inspection” by a home inspector although issues such as the paint will get noted in the appraisal which is a non-invasive inspection of the property which is primarily intended to establish an opinion of value, not check to see if every outlet is wired correctly or if building permits were pulled for all additions and work. the appraiser will have a checklist of items that should be reviewed as part of the appraisal, but issues will only be noted if they are readily apparent. all of the utilities need to be on and in working order. lights should turn on, water should run and drain and there has to be a permanent, central, interior source of heat- that is in working order.
also if you are thinking of this for an income property then FHA is already out of the question.
Couple of these came up in my search, but I was looking for something more rural. Just had an offer accepted on this place, and had the home inspection done this morning.
4 unit, 5100 s/f total, couple of ponds, about 6 acres. Should close on 6/14
paint is definitely only on homes built prior to 1978 (my earlier 1973 was wrong). the concern with paint is lead, not looks.
that isn’t to say that the lender isn’t going to tell you to repair chipped or peeling paint as each lender has the right to establish their own underwriting requirements on top of the FHA guidelines.
