If you are a lover of historic homes and have a passion for restoration projects, then Bloomington Restorations, Inc., a nonprofit organization dedicated to preserving historical properties, has the perfect opportunity for you. Located in a quaint neighborhood, 122 S Sale Street in Ellettsville, Indiana, is a charming fixer-upper house that is brimming with potential. The exterior of the property is subject to historic preservation covenants and restrictions, ensuring that the architectural integrity of the home is maintained. Inside, the house has been completely gutted, allowing for endless possibilities when it comes to reconfiguring the space.
It’s important to note that cash or renovation financing is required for the purchase of this property. The extensive renovation required means that traditional mortgage options may not be available. However, this also presents an opportunity to tap into federal or state tax credits. Owner occupants or those planning to use the property for income-producing purposes may be eligible for tax credits of up to 20% of the rehabilitation costs. These incentives can significantly offset the financial investment required for the restoration.
While there are no restrictions on the resale of the property, the historic preservation covenants for the exterior will remain in place. This ensures that future owners will continue to honor the historical significance of the home, preserving its unique charm for generations to come. Taking on a historic preservation rehab project is not for the faint of heart, but for those with a passion for history and a desire to breathe new life into an old gem, the rewards are immeasurable.
Bloomington Restorations, Inc. invites you to take a closer look at this historic property. With their support and your dedication, this house has the potential to once again become a beloved home in the community. Indiana Fixer-Upper House For Sale