Historic Renovation Project: A Labor of Love

Calling All Old House Enthusiasts: 2927 Allen in Compton Heights is on the market and is ready for renovation! The house has been cleaned up, shored up and in those necessary places gutted. Now it’s time for the fun to begin.

After Improved Value: $425,000

Current List Price: $165,000

Renovation Budget: $150,000-$200,000

Possible Tax Credits Available to Offset Rehab Cost: 25% of approved renovation budget (25% of $200,000)

Construction Loans Available Thru Pulaski Bank for Owner Occupants.

There are currently many homes that need rehab on the market.  Too often they have been reworked or robbed of their original character and grandeur. This one is different. In fact it is a rare find. The home was built in 1905 and has a traditional 4-square layout. The formal entryway was once and could easily be again a master piece. The waterfall staircase extends all the way to third floor and the original stain glass is still present. The rooms are large and gracious, the wood work nearly pristine and historic details abound including original mantles in 4 rooms and the tin ceiling in the kitchen.

The house itself is structurally solid. There are no rolling floors or wavy wall.  Without moving any walls the layout will allow the new owner to add master bath on the second floor and another bath on the third floor. When finished this home could have 5 bedroom and 3.5 baths all without disturbing the natural flow. (See floorplan)

See full slide show on the 2927 Allen website.

To Buy or To Rent?

I have some clients now who are on the fence. They don’t know if they should buy or rent. Initially they wanted to rent but were having some trouble finding what they wanted. They have a dog and want a yard but can’t find an acceptable rental that allows pets. They are looking for a larger space, preferably a single family home with at least 1.5 baths. And they want it to be nice. Apartment grade finishes just aren’t doing it for them.  They are absolutely qualified to buy but just don’t know how long they will be in St. Louis which is why renting seemed more appealing at first. They will definitely be here two years and possibly five but not longer than ten. And that’s why this is a tough choice. They could buy something right now that meets their needs and suits their style for less than would spend on monthly rent. With a purchase there is down payment required and closing cost to pay when they sell. But with a rental it is possible they may have to move every year for as long as they remain in St. Louis. In the end it is really difficult to figure out which is the most economical choice.

Here is an example of their options. One to rent. Another to buy.

Rental Example

Here are some shots of a “private alley house”for rent on CraigsList. It is a 2 bedroom 1.5 bath home listed for $1495/month.

Purchase Example:

2927 Henrietta is home that is currently listed for $139,900. With just 3.5% down, they could move in and pay less than $1000/month.