I have an offer in for a property that is, to be polite, a steaming pile of *****. It is weatherboard, probably partly clad internally and externally with asbestos, might be generic fibro sheeting but lets just assume its asbestos because it probably is. The balance of the cladding internal is cedar. One room actually isn't lined, as are parts of the ceilings/walls in other rooms. It has effectively no bathroom or kitchen. Single cold tap into some container thing with a plug that drains onto the ground outside doesn't count. I went looking for termite damage and didn't find any, not that this means anything. Talking to a friend who also likes this kind of property (I've owned three before of similar standard) the vague advice is strip the lining/cladding, rewire, insulate, reclad. The house has been extended down one side and the stumps on that side need propping up. Some floors are good enough to polish, on the extended side they sure aren't. Or get rid of the damn thing and build something new, where the house currently is there's a good sized level building spot. Nicer old small houses in the area sell for low-mid 300s, very nice ones of course go flying up past 400 and then some. My offer is very low 200s. Land in the area is mid-high 100s. This is a 1200sqm block but maybe 1/3 of that is steep and terraced gardens. I'm not quite sure what the cost would be to completely reline/reclad an old house. Its 4 bedroom, not huge or tiny, I'd say about 120-140sqm kinda size. But I suspect I'd get more financial mileage out of a place like this by fixing it than by building something new and modest. Previous renovations I've done have been on stone/brick houses and came to ~30k, at a wild guess this one would be minimum 50k and that's with a lot of DIY. This sounds like a Nathan level project Anyone have any good scary stories about fixing up old weatherboard houses to entertain me while I'm waiting to be haggled with by the REA (multiple offers on this house)?