Should I buy the property or not??
Hello Guys,
I am in a dilemma if I should buy this property or not. Please give your inputs..
I am trying to invest in a multi-family property in bridgeport,CT. I came across a 3 unit multi-family property which is built in 1887 with 10 beds and 3 baths with almost 4000 sq. ft. I seller is asking for $195,000. I have done a bit of research on this property and i think the seller has bought the home last december for $90,000, renovated it and is selling it now. There are tenants in all the units and the rental income is $3500. I have seen the property but the seller has done very bad job in renovating it and also there is a huge work to be done( leaking basement, replacing windows, replacing roof, new paint, fixing some rooms etc).
My question is is it a good one to buy since it is 125 years old. Even if I buy it for a bargain price will I be able to sell it in future? Also, dont know what repairs need to be done in future considering the old home. Can someone tell an estimate of above repairs??
Please help me decide..