Thursday, August 05, 2010

So, I went and toured an investment property today. Potential pottery shop with rental apartment above. Abandoned storefront with two-car garage. Total gut job. basement is limestone block (set in stone, aye!) but the floor slopes downhill, first floor storefrtont with 1br apt w/ den behind, 2nd floor 3br apt, 3rd floor unfinished attic with extravagant potential. the two-car garage is potential stoage, but needs replaced with a similar size building with studio apartment above. Neighborhood would absorbe 2:1 or even 3:1 investment and neighbors literally begged me to buy it!

If I do this, it's going to take a minimum of 4 years and $50K, but might be a really good investment. The slate roof is an unknown, but if it can be saved, it would be good for another 80 years! The attic is just waiting to be a mind-blowing "headspace" above the building. The plumbing and electrical need complete replacement, the plaster is compromised from above and the second floor is weak, but these can be addressed once the plaster is down. The back fo the building needs to be rearranged, the porches need to be replaced, and everything needs to be refinished from the studs out, inside and out. The retail space is worth saving if it's permittable, and otherwise, the place isn't worth touching. Only other retail in the neighborhood is a two-story building with private hair salon on first floor immediately behind (across the alley!) If zoning is workable, a pottery shop was the original plan, and this is a perfect pottery shop for the cost of a complete gut job. Bonus -- apartment and headspace overhead, and room for both resident manager (and with garage) resident artist with private studio!

We'll see. It's a disaster in progress and there's no reason to expect they'll accept a low-ball offer. Or that I can make the most of it, even over time. But it's the immediate prospect.

Welcome to my nightmare, Cumberland, MD, edition!

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