Home is under on the mortgage and in deep disrepair. Is it worth saving?

Hey everyone,

I’m new to this space so forgive anything I might say that might sound ignorant.

My dad has been living with his girlfriend for the past 10 years in a 1600sqft 4Br/2Ba home on the south side of Chicago. Unfortunately, she passed away last year leaving the deed with him. She signed it over to him before she passed but they never took it to the courthouse to authenticate(?) it. So it still looks like she owns the place while he decides what he should do with it. A few years back, she took out a second mortgage when she only had $30k left to pay on it. Now the mortgage is $120k. My dad says good condition comparable properties in the neighborhood are going for $200k.

The place is in terrible shape. The electrical, plumbing, hvac, walls, and probably more need to completely be revamped, and it is likely needing a full gut rehab. My dad asked us if we’d be willing to take on the task of bringing it back up to a livable standard since he is going to be moving down south with my sister. I’ve given it a lot of thought and I can’t make it profitable in my head, to sell or to fix and hold. Even if I did the electrical (I’m an IBEW electrician) and my brother did the plumbing, and we all pitched in to do what we could in the other areas, it would still cost way over $80k (the break even number) in materials and professional labor. And also, we don’t have $80k to spend!

He also says he’ll cover the mortgage and taxes for 6 months while we rehab it.

Please help.

Thank you.

submitted by /u/JumpShepherd
[link] [comments]

Hey everyone, I’m new to this space so forgive anything I might say that might sound ignorant. My dad has been living with his girlfriend for the past 10 years in a 1600sqft 4Br/2Ba home on the south side of Chicago. Unfortunately, she passed away last year leaving the deed with him. She signed it over to him before she passed but they never took it to the courthouse to authenticate(?) it. So it still looks like she owns the place while he decides what he should do with it. A few years back, she took out a second mortgage when she only had $30k left to pay on it. Now the mortgage is $120k. My dad says good condition comparable properties in the neighborhood are going for $200k. The place is in terrible shape. The electrical, plumbing, hvac, walls, and probably more need to completely be revamped, and it is likely needing a full gut rehab. My dad asked us if we’d be willing to take on the task of bringing it back up to a livable standard since he is going to be moving down south with my sister. I’ve given it a lot of thought and I can’t make it profitable in my head, to sell or to fix and hold. Even if I did the electrical (I’m an IBEW electrician) and my brother did the plumbing, and we all pitched in to do what we could in the other areas, it would still cost way over $80k (the break even number) in materials and professional labor. And also, we don’t have $80k to spend! He also says he’ll cover the mortgage and taxes for 6 months while we rehab it. Please help. Thank you. submitted by /u/JumpShepherd [link] [comments]

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