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524 ST. JOSEPH <br />ETIMATED REHAB COSTS <br />ESTIMATED VALUE OF PROPERTY: $43,500 <br />Adjacent properties at 520 St. Joseph, @ 1,872 sq. ft. appraised at $50;000; <br />512 St. Joseph, @ 1,250 sq. ft. appraised at $37,000. An estimated average of <br />the two (1,561 sq. ft.) vs. 524 St. Joseph @1,500 sq. ft. would place estimated <br />value at an average between the two or $43,500. Based on the current <br />condition of the house, this would be a generous price. (Appraised prices <br />attached.) <br />ESTIMATED REHAB OF PROPERTY: $115,225 <br />Based on the Structural Inspection Report, to make needed improvements to <br />the foundation, it would have to be raised (which is approximately 1/2 of a house <br />move or $10,000), the foundation would be excavated and replaced, foundation <br />size increased to meet code (approximately $15,000). <br />Other work needed to be done to the house is outlined on the attached spec <br />sheet. Other than the foundation, there is much other damage: eg.the front <br />porch would have to be removed and restored to its historic condition. (See <br />attached specs from 512 St. Joseph, which was formerly given a certificate of <br />appropriateness as its porch is similar to the one at 524.) <br />Each facet of rehabilitation is major and beyond the scope of a "handy -man <br />special." Also note the standard contingency fee: the market for building <br />materials has fluctuated greatly in the past weeks, becoming higher. <br />Contingency fees meet these costs as well as those hidden costs that become <br />relevant in the course of a project. <br />