School Night

Aussie sure he will ‘lose money’ on house

0 Comments | Dayton Daily News, Jun 25, 2010 | by Ken McCall

DAYTON — Using a borrowed screwdriver, Brian Taylor takes plywood off a door and gains entrance to his new house.

The Australian bought the house at 128 N. Decker Ave. on eBay because he’s been interested in American real estate for some time.

And, at $4,550, the price was right, especially compared to Australia, where he said real estate prices can easily approach a half-million dollars.

Inside the house, there is good news and bad news.

On the plus side, the structure has not been stripped of all its copper wire, pipes and bathroom fixtures. The windows, which are double-paned replacements, are intact. The water heater is fairly new. The furnace and duct work are still there. The poured cement foundation looks to be sound. The house has a detached garage and a back yard with a brick barbecue.

But there are problems.

The kitchen sink is gone. Water has poured through holes in the roof, causing damage to the second- and first-story ceilings and floors. The original plaster has crumbled in places. The electrical wiring needs to be replaced. The yard and trees are overgrown.

After the inspection, Taylor sits on the front porch, considering the investment.

“It’s going to take a little more time than I expected and a lot more money than I expected,” he said.

He wonders what would happen if he walked away. Tax bills will accrue and nuisance notices will lead to liens on the house and legal liabilities, he is told.

“So it sounds like I just bought someone else’s problem,” Taylor said. “I’m really not going to make any money on this. Actually, I’m sure I’m going to lose money.”

He runs some numbers
plywood siding