different kind of property

different kind of property

Would like some input. And please let me say this, I have not done everything yet to decide if this is worth trying. The couple will talk to me tomorrow to see if I want to do anything with it.
But here is the deal!!
This property is 4,000 sq ft. and built in the late 1800's and has pictures of horse and wagons tied up in front. It was a home and the general store in town.
Been in this family for generations. Young couple gets it and decide to make it into a beautiful home.
3 contractors and now in debt and the last contractor took over $30,000 and skipped town. The girl who owns it is a cop and just happen to see this guy, but couldn't arrest him for conflict of interest. She called back up and he is sitting.
The couple needs $113 to cover the losses and what they have in it. They have done a lot to it already. Major work inside but dry wall is up but not finished. All the stuff is there to finish it, beautiful oak doors and the hardware, 6ft vanity for master bedroom with marble top sink.
I can't run comps, and the bank in town is part of their building that is attached to them, and they may be closing and moving to a new building. They said 3 yrs ago the appraisal was $175k when it was run down.
This couple has everything except the kitchen sink and some cupboards to finish it. Can be a two family, separate electrical, and the rooms are huge with 10-12 foot ceilings.
I have no idea where to begin to see what could be done with this.
This is a small town, but within 15 minutes of 3 larger towns and the county seat and a tourist area, plus a very large industry that gets extra workers 3 months out of the year.
Place could be a business/residence, or two family, it is too large for just a family.
This is just very different, and what a beautiful place they started on it.
Any thoughts? I doubt I will do anything with it, but want to be sure before I walk away. They can't afford to do anything more.
And how do run numbers on this.
Sandi

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Update

Not sure what to do, so want some input!
I am so excited about this building, and I can't financially do anything with it.
Have no idea how to check into grants.
I will be doing some checking into historical buildings to see if this could still qualify since it was gutted out. I do have an estimate coming for doing an acid wash on the brick. If the upstairs was made into a couple apts, they could get around $800-900 for them. The downstairs can still be a residence or business, or both with more income. I am finding out so much about this town and the history of this building. And with all the trails and boat tours. This place could really bring in revenue! I am going to find out numbers for tourists to the tours and marsh areas for the bird watchers that ascend on this area from spring till late fall. Then the snow mobile clubs take over.
The owners are just the greatest to work with. It has been in their family since 1947, and they want to sell to someone who will appreciate the building.
Their grandmother sold it on a land contract, and the people trashed the inside and then took off. 14 dumpsters were brought in just to remove garbage and the pets they left behind to die. The pets were rescued and have new homes now!
I do have more estimates coming in, to compare with the last one I got.
I will get estimates to just finish it and make it basic, nothing more.
So if you have any ideas of what I should follow through with, please feel free to tell me, as I have never found anything like this.
And if you read my previous posts on this, there is a place they do weddings and receptions in the same town. Springbrook Farm is for sale for over 3 million, and with the business they attract, this would make a good B&B.
Tomorrow is my REI meeting and had some interest in it at the breakfast 2 weeks ago. So hope to get more ideas then.
But please give me some thoughts, even cautions, I do have 3 exits clauses on this too.
Thanks
Sandi


Shaun

Would appreciate anything. But could I get a grant if the inside is changed?
Really would love to partner with someone, but my finances won't allow that.
And the owners are having the guy call me about the acid wash to bring it back.
This will probably come off in the washing, but on the side of the building where they used to unload their supplies, you can barely read, "Burnett general store, run by good ol' home folks." It had been painted on.
Also the furnace that is upstairs, was installed by the state, from a grant from the people who trashed the place. Furnace was never used.
Have a great day!
Sandi


Shaun/grants

If you get the info could you send it to my personal email.
Not sure if I want all this work, need really to assign, but I know this area and that area is still good small towns that are very friendly! And have been there myself and met many of the tourists over the years. This is where the geese migrate and tons of other birds.
Thanks
Sandi


Update

I am so excited about the interest I have on this property. I am hoping to do an assignment on it, and did get estimates on it.
I did join an REI club which I talked about on another forum for networking, and doors it opened up.
The best part now is that the REI club gets together once a month for a breakfast. There are about 60 people who attend.
I already rec'd so much help on my property, and people asking for info and they will send it out to their buyers.
The company from Chicago is helping me with a template on my property for easier advertising.
So I am excited to see where this place ends up. "When" this goes through, I will feel like nothing else is hard! This is a different kind of place. And never would I have ever looked at this normally. But my partner called me on it, and I had to look.
This was so far out of the box, of what we were looking for. But I know this will be a great learning experience!
Sandi


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