117 E 2nd St in Springfield

[ChriswUfGator]

Anyone have any idea why this property is so cheap? http://www.zillow.com/homedetails/117-E-2nd-St-Jacksonville-FL-32206/44477719_zpid/

Saw the agent remarks and it still seems dramatically underpriced.

It's because of what it costs to maintain a house that size, let alone one entirely made of wood. $1500/mo JEA bills, then realistically budget $500-$1000/mo for maintenance, depending on how much you have time to do yourself, more during the years it needs a roof, or one of the 4 or 5 a/c compressors needs replaced, or anything else major like that, then $400-$500/mo in taxes, probably $200/mo for homeowners' insurance, $100/mo for the gas bill, plus whatever else you spend anyway on landscaping, lawncare, etc. You could probably get away with it a smidge cheaper by playing the deferred-maintenance game, but if you want to keep it in good condition and live in it without sealing rooms off, etc., then that's what you're looking at. If you are going to get a mortgage, then add that interest into the monthly budget to figure out what it's really costing you.

It's a beautiful house, no doubt, but something that big and ornate is gonna cost you $$$$$ to live in regardless of what price you paid to buy it. It takes a special (a/k/a rich) person to make that worthwhile. Or it would make sense for a huge family with 12 kids or something. I like to dream too, I could buy that thing if I really wanted it, most of us on here probably could since the price is reasonable. But when you start adding up what it really costs beyond just the initial purchase price, I just can't afford the size of it.

Springfield is a place you see this all the time, the price per square on the mansions are much cheaper than the 2k sq ft houses, they go cheaper because of the cost of maintaining them. And you can kind of disregard Strider, he's a wonderful guy and a great contractor, but that's exactly why he doesn't see the problem. It's the same reason my mechanic drives a super nice car. It doesn't cost Strider what it would cost you or me to work on that thing, since that's what he does for a living. For most people that house would be a big expense.

[strider]

Actually, you shouldn't disregard me as I can only assume that most will use common sense and understand that a house this size is going to cost much more to heat, cool and generally maintain than the more common smaller house.  I would think it is simply a given.  So, if you are looking at this house and are serious, you figured that out already.

You do need to take someone in who knows old, historic houses and knows what it costs to do the work it needs, and can help you see what it will need in the future.  Not what it will cost the contractor, but what it will cost you. 

By the way, Chris, by your estimation, I should live in a castle, or at least the nicest house in Jacksonville, after all I know what to do and how to do it.  Of course, it has taken us 9 years to get around to redoing our bathroom, and it is still only about 80% at the moment and, yes, it will be really nice.  However the simple truth with most contractors is this:  We are living proof of the old expression, a cobblers children have no shoes.  To put it plainly for you Chris, this means we are often too busy  working on client's houses to get ours done and when the day ends or the weekend arrives, who wants to do more construction work?  So our house ends up last on the list.  This is also why most good mechanics I know drive nice, newer cars.  So they don't have to work on them because they really don't have the time

Anyway, this large house is a great house even if it needs a new staircase. It is an old style spiral one, by the way, and yes, it will be expensive to get right.  We could do that for you, by the way.

[JFman00]

I've decided not to pursue this property. For a single guy and as a first purchase, it's just too much house. I'd be dealing with repairs while overseas, and sealing off the vast majority of the place. One of these days I'll find something that fits...

[movedsouth]

I looked at the property this weekend. The asking price is appropriate IMHO. The current owner lived in the house for about 12 years, and did A LOT of work. But there is still a lot left. For example, the pictures don't show some roof issues and water spots at the ceilings. Or the useable, but "home made" with 2x4 and water pipe railings staircase. The roof is probably the scariest part, as a smart woman once told me: The prettier the roof, the uglier the roofing bill. And this is just the quick impression from a quick walk through.

It is a good deal, but not a "first time home buyer" house. Who knows what you will find once you get into the details.