Updated over 6 years ago on . Most recent reply
Water Damage In Multi Family Unit - Need Advice
Hey guys, I’m new here but I just wanted to reach out for some help regarding a property I’m looking to buy. I found a triplex for $65,000 that has two semi-updated units & one attic apartment that could use some work. The exterior needs cosmetic work as well. The attic & exterior work aren’t the big issue in my opinion. One of the units has water damage on the ceiling. The seller says that the roof was replaced 10 years ago & isn’t the cause of the leak but that water may be blown in from the side of those during heavy rains. Apparently the tenant that is staying there currently says that it doesn’t leak all the time & I noticed that the damage is right above the tenant’s bed so I would assume it isn’t so bad for them. The property in total is bringing in about $2,300 a month between the 3 units seeing as how they are all fully occupied. I would just be taking on the current tenants. I guess my question is, is this a good deal? Should I be worried about the visible water damage on the ceiling & would it be worth buying & repairing considering the property is already bringing a decent amount of income every month?
Any help would be greatly appreciated !
Most Popular Reply
@Brian Ellis
Appreciate the help man. The seller is saying that they believe it is coming from the gutter or flashing into the 2nd floor.