House for sale in Koln, Germany

From a buyer's perspective, this property description unveils a mixed bag of opportunities and challenges. The property, located in Köln, is a combination of residential and commercial spaces with three apartments and a restaurant spread over one or two floors. Additionally, the property includes an underground cellar and a rooftop attic. The Wohn- und Nutzfläche, or living and usable area, totals 186 m² and 135 m², respectively. A storage area in the courtyard measures 62 m². The property was constructed in 1910 and has been expanded and renovated multiple times since. However, the description mentions that various units require substantial repairs, including peeling paint, water damage, outdated sanitary facilities, a poorly installed heating system, damaged heating elements, and damage to the interior plaster and tiles. Despite the property's age and need for renovation, the price stands at 795,000€. While this could be an opportunity to acquire a larger property at a lower cost, it also presents significant potential risk and cost for repairs and renovation. As a lifestyle purchase, this property offers the convenience of having a restaurant on-site, as well as a supportive community in a well-known location. However, you should also consider the time and financial commitment required to restore the property to a livable and desirable condition. For real estate investment, the potential return hinges on the successful renovation and lease of the property. The mentioned need for repairs and renovation should be carefully considered before making an informed investment decision. Moreover, it would be beneficial to study the local real estate market, tenant demand, and rental rates to gauge the potential return on investment. In summary, this property presents both attractive potential and significant challenges for both lifestyle and investment purposes. Further research and inspection are necessary to determine its true value and potential for return on investment.