I just bought a duplex from HUD. I've never owned a house before, I've always wondered about having one, and I could finally afford to buy. What I wanted I couldn't afford so this building, big and solid, was the best deal I could get for the money. BTW, if you plan on buying from the agency, poke me. I've learned a lot about the HUD bidding formula over the four solid months it took to finalize this deal. There's an agency with problems!
This house is a duplex. The two bathrooms have squishy floors from leaky plumbing and a basement full of mold that could have come from the moldy bathroom sub-floor or moisture incursion or both and then some. The kitchens are empty with the except of the ceiling light fixtures and some 1980's cabinets that are also moldy from the leaks. There's also mold climbing the first floor wall in one corner and I can't tell if it's coming up or going down. And the furnace to the first floor doesn't work. Oh, yeah, workers saw a racoon leaving the basement. But, it could be worse.
The woodwork - and there is a lot - in the public areas has never been painted. The pocket doors work (somewhat). There's enough of the original floor to refinish. The windows won't need to be replaced immediately. It still has all it's original stained glass. Once I get it finished, I'll be looking for some nuns in long habits to complete the look.
I paid cash - most everything I have in this world. Drained my IRA and, considering I just turned 60, I'm a little nervous. So this is me putting my feet to the fire. I've big plans, no credit and wondering where I'm going to get the time, strength, & money. What do you think?