I showed this to one of my clients last week. Lucky for everyone else, it isn’t what she is looking for. But it is perfect for someone. It is just waiting for it’s next life as a bed and breakfast, antique store, art gallery daycare/family home or any of the other endless possibilities. This is such an interesting building and is in such great shape, I hate to see it just sitting there.

This building was the former rectory of the church next door. The church sold last year for 250K and the rectory is for sale now for 118K. There are at least 8 bedrooms. The kitchen needs work but has a complete set of Geneva cabinets. The radiator is still pumping away and has probably been serviced every year since it was installed. The tax records record this at 1925 square feet but there’s no way that’s true. This place is massive. Entering from the front there is formal wood staircase and two formal parlors each with art deco style mantles fully intact and in great shape. Beyond the reception area there is another suite of rooms that look as if they were used as offices. Around the corner is the informal parlor. From there pass thru the butler’s pantry into the kitchen. On the second floor there is a suite with sitting room another great looking mantle, bedroom and private bath. In the rear of the building on the second floor there’s another parlor with mantle, a few more bedrooms and a full bath. The third floor is small with two small rooms.

The building has been well kept and in most cases untouched where you would hope it would be…the millwork and wood floors. However, certain questionable upgrades have been installed over time. The dropped ceiling and dark paneling will have to go and there are signs of water damage from the flat roof on the second floor. But the foundation looks great and the house feels solid.

Here’s a link to the MLS lisitng. Unfortunately the listing doesn’t show the correct photo. This isn’t a Circa listing but anyone in our office would be happy to help you tour it if you are looking to buy a unique space and aren’t afraid of a little work.

We have been working hard on this auction all year at Rebuilding Together and it is really shaping up to be a great event. It will be at the FK Photography Studio on Locust in the Locust Business District. A $35 donation gets you in the door and after that the food and drinks are free. There will also be FREE valet parking in a secured parking lot.

Bailey’s Chocolate Bar, Rooster Cafe, Butler’s Panty, Kirk’s Traveling Kitchen, Niche, Moxy and Vin de Set are preparing plenty of samples for the 500 attendees we expect. Local St. Louis artists (and a few from afar) are donating over 40 pieces of original work to be silently auctioned throughout the night. In addition we have been collecting donated auction items including a professional photo shoot, a single engine plane ride around the city, a week’s stay in Mexico, Coach purses, a pearl necklace and bracelet set, restaurant gift certificates, a tasting for 8 at Schlafly, sports tickets and memorabilia and much, much more.

So mark your calendars for Saturday, 10 November 2007. Doors open at 7pm. Purchase tickets online at the ArtFix website. (Generously donated by TOKY Branding & Design)

There are many ways to fund a renovation project. Mr. White, a man who renovates smaller projects around South City, said to me a while ago when I asked his secret, “CASH.”

Well, not everybody has CASH and for those who have never even owned a home, there isn’t even equity. Never fear… there is always a way to finance your dream home even if you are a first time buyer or rehabber. In the case that you have never owned a home and have no experience doing any sort of renovation, there is still a way to buy a building that needs a considerable amount of work and not get in over your head.

The loan product is called an FHA 203K and the beauty of it is that while the property is under construction you don’t have to the pay the mortgage (although like anything else you will end up paying) and it is designed for a person without any renovation experience. There are many checks and balances to make sure that the borrower is doing the necessary planning and is working with reputable contractors. Before any money is lent the project undergoes a full review including inspection, appraisal of after-improved value and renovation plan. But don’t take my word for it. Below is a copy of a Q & A I had with a former client.

Kirsten is web designer with a passion for letterpress design. She needed a very unique space for her studio and she found that in an old brick building that was originally used as a horse stable for a St. Louis Police Station.

Before:

After:

How did you know this was the building for you?

Because I have a lot of heavy equipment that would fit perfectly on the first floor of the space.

Did you have any $ for down payment?

Yes

Did you have any experience in renovation?

No

How did you finance the project?

The best thing about it was not having to pay on the loan for the first 6 months. I suppose the con would be that you have to borrow a bit extra, but other than that I didn’t really see any downfalls, as it allowed us to get the project done.

Can you explain the 203K process?

HA! I would have to look through my paperwork again.. But basically an inspector has to come out and verify that the property will be worth the amount that they are lending to you once you are done before they will lend the $ that you need for the renovation.

In retrospect do you think you could have accomplished the project without the 203K?

NO!

How did you find contractors?

Word of mouth.

What were some of the biggest hurdles in the process?

Communication with the contractor was pretty tough, and a lot of times they dont show when they say they will, etc… There were some hurdles to work through with the subcontractors as well, and disputes between the subcontractors and the contractor at times.

Is it finished or still a work in progress?

Very much a work in progress.

What did you splurge on?

The bathroom

What did you skimp on?

The kitchen.

Did you do any of the work yourself?

Yes, we did some custom ceiling work, installed fancy trim, tiled the kitchen counter, and some of the work on the deck and all the demolition. If you can take on the demolition on your own, it’s great because it saved us about 7,000$ to do it ourselves. It’s dirty and not fun, but you can’t really screw it up.

Any advice to other other first time rehabbers?

Find a good contractor!!!! And don’t be wimpy when dealing with them. I think I was too easy-going, and didn’t communicate a sense of urgency enough to the contractor. It seems with those guys the squeaky wheels get the most attention, as with most things, and I always tried to be pretty nice about stuff, but it ended up that a lot didn’t get done until the 9th hour.

Inspired by my last post the Perfect $100,000 House in St. Louis, I decide to follow up on the properties I saw that were listed in the MLS under $100,000 but needed to be taken down to the studs (and in some cases even further).

3448 Minnesota 63118

3736 Oregon 63118

2915 Keokuk 63118

2667 Nebraska 63118

3305 Pennsylvania 63118

3430 Virginia 63118

3005 Gasconade 63118

3914 Virginia 63118

4040 Oregon 63118

2814 Michigan 63118

Neighborhoods Included in the 63118 Zip Code

Tower Grove East

Benton Park West

Benton Park

Marine Villa

Gravois Park

Dutchtown

Next post: Financing Options for Rehabs

Recently I started volunteering at an organization called Rebuilding Together. It’s mission: to help elderly and disabled homeowners maintain their homes.

Every year Rebuilding Together selects 100 homes to repair so that the homeowner can age in place, live independently and prolong the life of the building. If you are interested in volunteering but don’t want to make a huge time commitment, you can volunteer just one day, April 21st, work with a team and complete a project in 8-10 hours!

If you are couch potato with a good heart and desire to help, they take checks too!