Sidenote: I've debated using actual numbers when talking about the house and I think it's important because not only will you see I'm not buying a lavishly priced home, but my goal is to keep all of my projects within an attainable budget (I won't be spending 5k on a new stove - I spent $630 on a new one actually, from the clearance and damaged section at Lowe's no less) and feel that numbers are important.
I was anxiously awaiting the appraisal and that came back this week. Here are the numbers.
$85,000 Purchase Price
$5,000 Credit from seller
$30,000 Repair estimate for required repairs
$120,000 Appraised Value
The required repairs include: fix the foundation, repaint the entire exterior, repair all windows, repair the roof, replace the gutters, replace the furnace and water heater and a few other small things the city says I have to fix. My financing is through the Neighborhood Finance Corp and they provide a $10,000 forgivable loan (over a 5 year period) to use towards repairs the city deems necessary (because it's a city funded program). They also offer the option to borrow up to 95% of the appraised value so I also plan to borrow an additional $15,000 so I can finish up these large repairs that I can not (or do not) want to do myself; some things are best left to professionals