Sometimes big risk brings big reward. It’s tough to always predict the outcome. I had an opportunity to check out a large four unit building in Scranton and I couldn’t believe how big it was. It’s got a bit of a history though.

Say Hello To 121 Ferdinand Street, Scranton.

She sure isn’t what she used to be.

We were asked to investigate this place with the hopes that the repairs would be under 100k, making this a fantastic opportunity for the investor who inquired.

It’s currently listed as a four unit property. It’s massive, measuring over 5700+ square feet and it’s listed at a current purchase price of $129,000, as of the date of writing this article. The units are big and would fetch a decent amount in rent.

If you can’t tell from the picture, there’s a yellow sign on the front door that says “Condemned”. That’s right, the city of Scranton officially declared it unlivable and it hasn’t been inhabited in quite some time. It’s currently owned by the bank.

When I was asked to look into the records as to why it was condemned, this is what I found.

When asked to investigate, I coordinated with a group of handymen that we have worked with many times in the past.

We started by going into the basement and looking for the big red flags. We were surprised to find that it was relatively clean and dry, however, it was a literal maze. It seemed way too easy to get lost in there.

 

 

We did eventually find five electric panels in relatively good shape. Not sure why there was five but we suspected there might have been an additional unit. The bad news, most of the copper pipes had been removed and the whole house likely needs new plumbing. It’s unconfirmed what happened to the pipes.

 

We eventually found our way out and investigated the upstairs. It turned out to be cleaner than we expected. Again, the place is enormous and felt too easy to get lost in.

Is it worth it?

It’s currently listed for 130k. In my opinion, It’s got a lot of unknowns and I’d probably want to try and get all the repairs and costs below 250k total. The condemning status seems easy to remove by adding water to the units after renovations.

The place was clean inside and I don’t foresee any issues with making it habitable again. It’s just a matter of how much the rehab will total out to be.

I don’t expect it to be easy regardless. It’s a big project that will likely takes months to complete.

Here is a link to the listing if you want the details. 

Want the MLS sheet? Here you go.

If you think it’s something you’d like to tackle, feel free to reach out for more information.

Email: Bryan@blueshieldproperty.com

Additional Pictures and Video From The Day We Entered: