Sewer lateral size just killed three weeks of work on a 1940s freight depot in Fentress County
Found it through a tax delinquency list, chased the owner for about six weeks, got it under contract at $61,000 for 8,400 square feet of brick and timber. Plan was 14 apartments. The civil engineer pulled the city utility records and the lateral coming off the building is a 4-inch cast iron line running about 190 feet to the main, and the municipality told us upsizing it means boring under a state route that cuts diagonally across the property, which is not in their capital plan and they will not cost-share. The boring quote came back at $58,000 and that is before anyone touches the building. I had modeled $22,000 for site utilities total, which was optimistic to begin with, and now the number that makes the deal work requires me to either renegotiate the purchase price down to something the seller will laugh at or eat $36,000 I did not budget. We are still technically under contract for nine more days. I do not think the seller moves enough on price because he already thinks he underpriced it, which he did not, and I do not think I can make the units work at a cost basis that absorbs the boring plus the structural work this building clearly needs once you get past the romanticism of old-growth timber framing. The freight depot stays a freight depot a little longer.