A Sound Investment – Before

  As you probably know, the housing market has been horrendous for years just about everywhere in the US.  Since we’re in the home building industry, we’ve definitely seen lean times. M decided to branch out a little into something that will  bring some money in and pay for itself as an investment.   This condo was purchased for a song compared to it’s market value five years ago…  a real bummer for the people who owned it, but a great deal in this buyers market.  First it will be gutted, as the kitchen and bathrooms are about 30 years old and in need of updates. The tile floor are filthy too and the basement is downright dank. There are two rooms, living room and kitchen, on the first floor with bathroom inbetween – a basement laundry room, and two bedrooms with bathroom upstairs. Lots of natural light in this unit, which I think makes a big difference.

  The location of this condo complex is wonderful- right across the street from a harbor that leads into Long Island Sound. It’s also a very safe walking and biking neighborhood, with a tennis court and swimming pool.

The complex is a C shape, facing the water.

Each unit has a deck area – this one faces out over a marsh and boat yard..

  Bedroom facing rear…
front bedroom..

upstairs bath…

living room into kitchen

basement stairs

The view just down the road…
I’ve always loved that house on stilts.

   Stay tuned – the re-do starts this week.

36 thoughts on “A Sound Investment – Before”

  1. they look really nice and good shape . I hope its a great investment for you both . Cant wait to see what you do with them

  2. Sisters, we are!! Somehow connected and living parallel lives. We are doing the same thing, and renting it to our daughter. Covers our costs (plus some) and gives them a nice, reasonably priced place to live.

    What a fantastic location!

  3. You are on the same bandwagon we are on. We have just identified another place and it looks like a GO. I love doing this-even though it is a LOT of work! I can't wait to see how yours turns out. It looks like you have great bones to work with. xo Diana

  4. Karen ,,,thank you for all you sweet comments on my dad…I think we are the last builder left standing in Az and that is only because we had no debt and we are building our own house! I think the prices are still falling in Az so still afraid to buy anything to re-do…I think I will stick with the little trailers for a while…

  5. OMG, those kitchen and bathroom cabinets were once in my house….many years ago!!! And we thought they were just wonderful. Can't wait to see the re-do.
    Have a great day!!
    Bev

  6. What a great find! It definitely has potential. A great place for a couple. The only thing that makes me cringe is the electric baseboards, around here that means a lot of monthly $$$ in the winter!

  7. I'm looking forward to seeing the progress. I don't know that area at all, but the idea of being near the water sounds great. Hopefully it's mostly indoor work this time of year:-) Good Luck with your new investment.

  8. What a great place with lots of potential!

    My hubby & I enjoy remodeling. This looks like great fun! Good luck… can't wait to see the after pics!

  9. Looks like a little gem that was just waiting for you and the hubs to find it! Can't wait to see the finished project!

  10. I think your husband is a wise man. Many people made a fortune just a few years ago flipping in a depressed market. It's a way that we can pull ourselves out of this recession, spending money to make money. Wise, wise, wise!

  11. I CAN'T WAIT! I can not wait to see what you do…this is my Winter joy right now….

    and the location you speak of!?! I would like to buy this flat! 🙂

  12. This should keep you busy through the winter. :), I am going to enjoy it vicariously via you photos.
    Looking forward to you creativity!

  13. Yes, it certainly does need an update, but the basics are there. I can't wait to follow the progress. This will be fun. Thanks for sharing.

  14. With the economy as it is, business owners must have a Plan B. Looks like this is a good way to keep things going until things pick up again. We've had to make some major changes as well and plan to stay tight as 2012 may not be too bright. Look forward to seeing the renovations. Should be fun.

  15. Love the windows and the wooden floors and the deck and the view. Can totally see why it's a great buy. Looking forward to the 'after' shots.

    Do you know this site? (I've downloaded the app on my iPod and get weekly emails with very inspirational photos. Pretty sure you'll like it too.)

    http://www.houzz.com

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