Historic Properties Shotgun Homes
Eric Miller on the Small House Society yahoo list was on Historic Properties today and noticed these very small houses in Indianapolis for $5K. Seems perfect. Save an old house and live small! These may not be considered tiny but they are small by American standards and a great bargain.
Shotgun built c.1880, 840 sq. ft. Simple front porch trim and a later rear addition make this shotgun cute and cozy. Spacious back yard with alley access. Exterior rehab is already completed.
Historic Landmarks Foundation is the nation’s largest local or statewide preservation organization. One of our programs is the Fund for Landmark Indianapolis Properties (FLIP). FLIP acquires abandoned and threatened historic properties and markets them for sale to preservation minded buyers.
To ensure their preservation, all of these properties are sold with a protective covenant agreement which spells out restoration timelines and the requirement to seek approval for all work performed on the exterior of the structure.
To learn more go to Historic Properties.
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3 Responses to “Historic Properties Shotgun Homes”
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People should be aware that a lot of these small, old, extremely cheap properties may have liens and back taxes on them, which significantly increase the actual costs beyond simply the renovation costs that people may have in their heads.
Good point Eric, thanks for bringing that point up. Make sure you look into these costs before you buy.
These properties all currently owned by the Historic Landmark Foundation of Indiana, a non profit organization, I belive all have clean title/deeds but have covenants attached and require major rehab inside and out. Even though they are affordable in as is condition, rehab cost a lot and buyers are required to provide historically accurate exterior upgrades like real wood windows (interiors I heard can be more contemporary if completely gutted out when purchased) and the financial ability to undertake all the work required. It is a rewarding thing if your goal is for long term housing and you use your own cash to do the rehab (no loans). Imagine no rent or mortgage for the next 30 years (maybe minikmal property tax every year but that’s not so bad).