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Fixing old house, worth doing?
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Jeff in ND
Posted 4/9/2024 13:22 (#10700492 - in reply to #10700316)
Subject: RE: Fixing old house, worth doing?


RR Valley, ND; MN native		My maternal grandparents farm house was demo'd in 2011. Building site was on the state highway 1/2 way between 2 small towns about 8-10 miles each way. So, not in the middle of the field or on miles of gravel.

Roof was not too old and place not in bad shape as such. The owner had been renting it out for about 10 or so years after grandparents passed/moved to town and sold the farm. But, all the outbuildings at the end were gone as they had all been in poor shape so it was just a old small farm house next to the road. Rental properties in that area are generally not great and not great renters so 2 sides of a coin.

When it was demo'd, I did a little research on what the likely rent going rate was and took that along with price of corn at the time, typical yield, and how many acres were left on the building lot and came to the conclusion that corn income was probably about the same as the rent with the bonus of not needing to do upkeep and dealing with sketchy tenants.
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