Renovation is going to be way more than $50K. $50K is cosmetic only. I built a calculator for estimating reno costs for properties bought at auction, and just from what little is known about the house from the article, I would estimate over $120K
...I would estimate over $120K.
Spent 45 years enslaved to a 120-year-old farm house and renovated (by us) barn-into-studio. We did most of the work (not the kitchen, plumbing, or electric)ourselves.
SOMETHING is always going wrong and needs more time/money.
It was a labor of love and the day we sold it, I had mixed feelings. More so for my husband who did the carpentry, the roofing, decks, added a 3-season room, redid floors (down to the cellar, in 2 instances, added hardwood in 2 instances,had to level another and vinyl tile on 2 others). His nostalgia lasted longer than mine, but we also downsized acreage, so the mowing is reduced A LOT and the snow shoveling will be. We have trash collection and the cost is worth not going to the dump every week. We went from propane and wood to just propane, so another tranche of chores is gone.
I am happy with the changes, although I could always use some more room for storage. Cleaning is fast and without wood heat, everything stays cleaner and I do not miss the sour smell of the wood stove in the summer, even after cleaning.
DH is already planning projects for the garage and the land, but I would not return at this stage of life to the constant maintenance, the constant cleaning, the residue of 108 years of wood heat and just the dread of which part of the buildings will fail next.
Over time, they are going to put closer to $350k into the place. It will be less painful done over time and if they are lucky, they will break even in 40 years. It will look like a huge profit, but costed out with inflation, it will be a wash. Except for the taxes, of course. Those will go up.
But they are young and so, they will enjoy it.