Update: The historic residence at 1182 Commercial Ave, Coos Bay, OR is currently listed as “off market.”

In a surprising twist that reflects the dynamic real estate market, a historic residence at 1182 Commercial Ave, Coos Bay, OR, has seen its list price soar by $25,000 to a current $150,000. This turn-of-the-century Queen Anne-style home is brokered by the renowned RE/MAX South Coast, by agent Jeremy Doze.

The home’s recent price increase is indicative of a market that’s heating up, even for properties requiring extensive work.

A Fixer-Upper with Potential

The Queen Anne-style residence, built in 1900, sits on a 5,662-square-foot corner lot in the Mingus Park neighborhood. With four bedrooms and one bathroom, the 1,906-square-foot home is undeniably spacious. However, the aerial and ground images reveal that the “fixer-upper” description is not just a quaint euphemism.

Restoration Potential Based on Visual Inspection of Listing Photographs

The historic property at 1182 Commercial Ave presents a unique investment opportunity, though it is contingent on a comprehensive and strategic restoration approach. Here’s a rundown of the potential costs and requirements for a successful renovation:

Structural Integrity and Exterior Restoration

• Roof: Full replacement of the roofing system is essential. Given the visible tarp coverings, water damage may have compromised the structural integrity of the roof.
• Foundations and Support: Ensuring the stability of the foundations and repairing any structural damage will be critical, especially in a home over a century old.
• Exterior Walls: Restoration of the siding will require attention to detail, matching historical styles while ensuring durability.

Interior Restoration and Modernization

• Electrical and Plumbing: Complete overhaul of outdated systems to meet current safety standards may be needed.
• Insulation and HVAC: Installation of modern heating, ventilation, and air conditioning systems, along with proper insulation, is necessary for energy efficiency and comfort.
• Interior Design: Preserving architectural details while updating the interiors to accommodate contemporary tastes and functionalities.

Outbuilding Assessment

• Demolition vs. Restoration: The outbuilding, as seen, is beyond functional repair and poses safety risks. Demolition and rebuilding might be more cost-effective than restoration.
• New Structure Utility: A new structure could serve as a garage, workshop, or ADU (Accessory Dwelling Unit), contributing to the property’s value.

Landscaping and External Amenities

• Curb Appeal: The overgrown vegetation needs clearing. Thoughtful landscaping can significantly enhance the property’s visual appeal and functionality.
• Outdoor Spaces: Creating patios or garden spaces could offer attractive living areas that extend the usable space of the property.

Financial Considerations and Profitability

• Budgeting: Accurate cost projections for each restoration phase are necessary to keep the project financially viable.
• Market Research: Understanding the local real estate market will inform the restoration to align with buyer or renter expectations.
• Long-term Planning: Consideration for how the property will be used in the future (e.g., sale, rental, personal residence) will dictate the extent and nature of the renovations.

Project Management and Execution

• Timeline: A realistic timeline that accounts for the extensive nature of the renovations, permitting processes, and potential unforeseen issues.
• Expertise: Engaging with architects, contractors, and designers who specialize in historic homes can add value and authenticity to the restoration.

By addressing these areas with meticulous planning and execution, the restoration of 1182 Commercial Ave could not only preserve a piece of Coos Bay’s history but also result in a profitable venture for the right investor.

An Opportunity for Visionaries

Despite its current state, this property offers immense potential. It’s a chance to own a piece of history and to craft it into something new. For those with the resources and vision, 1182 Commercial Ave could become a stunning home or a unique investment property.

As it stands, this home is a project suited for serious renovators or developers. It’s a canvas awaiting a new chapter, offered in one of Coos Bay’s desirable neighborhoods, with schools, parks, and the bay itself within reach. The increase in asking price reflects the property’s potential value post-restoration, a nod to the area’s growing appeal.

For the buyer who sees beyond the disrepair, this property is not just a house; it’s a heritage project, a future homestead, and a long-term investment.