My rented house was built around 1900 and I can see into the unfinished basement through a small hole in the floor by the front door. I’d still use that 20k for a down payment to purchase it.
I’d buy it as well. That 1900 house - AND the 1931 house were built with virgin lumber and chances are no drywall, but plaster and lath walls. Solid construction and NO modern building supplies outgassing chemicals.
There MIGHT be lead paint and asbestos pipe lagging insulation, but both can be dealt with in a pinch by encapsulation until you get the funds to have removal.
Boring answer but with the 1974 built house I have that 20k disappears into the renovations void.
Take your pick: furnace, central A/C, driveway repairs.
I see your 1974 and raise you a 1931
My rented house was built around 1900 and I can see into the unfinished basement through a small hole in the floor by the front door. I’d still use that 20k for a down payment to purchase it.
I’d buy it as well. That 1900 house - AND the 1931 house were built with virgin lumber and chances are no drywall, but plaster and lath walls. Solid construction and NO modern building supplies outgassing chemicals.
There MIGHT be lead paint and asbestos pipe lagging insulation, but both can be dealt with in a pinch by encapsulation until you get the funds to have removal.
The list never ends yours is just longer 🤣