Wentworth Street: What we bought

This is what we bought, in October of 2006. Can you see why we couldn’t resist it?
In the summer of 2006, just as the real estate boom in southern Maine was reaching its pinnacle, Sue found a rehab project for us in a tough Biddeford neighborhood. It was a duplex, owned by an older man looking to sell and move into assisted living. The house was advertised “as is” for $115,000. Our plan: 6 months labor, $25,000 in rehab costs and we could turn this into two single-family homes worth $110,000 each.
After some research, it turned out the house wasn’t exactly a duplex — it actually had an illegal (and uninhabitable) apartment in the basement and was recognized by the city as a single family. We renegotiated a lower price and bought the place, figuring we could still make some money. As the ink on the mortgage documents was drying, the housing market had begun a downward trajectory that continues to this day (2011).