Drywall vs Plaster and Hardwood vs LVP

[Craig Cann]

Im looking into investing into the Cleveland or Columbus market and learning new things everyday especially being from out of state. Im looking into MF units and finding most of them to be 75+ years old. I've been reading on the forum about making sure to scope the sewer lines which we do out here in CA. 

The thing I didn't think about till I started to talk to PM was about the lead based paint and walls being plaster not drywall. I've been reading a few ways to take care if it; one if the plaster is intact and not peeling badly, but I have a feeling most of the lower priced homes will be peeling or cracking badly, paint over it with a special lead encapsulating paint (probably the cheapest). Two, just drywall right over the plaster and it seals the lead based paint under the new drywall. With that method Id have to pull out all the electrical boxes to compensate for the thickness of the new drywall (probably the second cheapest). Three, remove all the old plaster down to the studs and then put new drywall. If I did this method then it would be a good time to do electrical upgrades and add insulation (seems to be the most expensive by far). I could be missing other ways of tackling it I am not sure. 

What's suggestion does anyone have to fix this challenge?

The other obstacle I am finding is the flooring. Seems like most of these homes have hardwood floors. Ideally if the floors are in reasonable condition I'd just sand them down and refinish them. 

What suggestions does anyone have if the flooring is beyond just sanding it down and refinishing it?

I am open to all opinions and ideas to help me learn more about what kinda cost I am going to incur. 

Thanks in advance, Craig 

[John Clark]

Quote from @Craig Cann:

Im looking into investing into the Cleveland or Columbus market and learning new things everyday especially being from out of state. Im looking into MF units and finding most of them to be 75+ years old. I've been reading on the forum about making sure to scope the sewer lines which we do out here in CA. 

The thing I didn't think about till I started to talk to PM was about the lead based paint and walls being plaster not drywall. I've been reading a few ways to take care if it; one if the plaster is intact and not peeling badly, but I have a feeling most of the lower priced homes will be peeling or cracking badly, paint over it with a special lead encapsulating paint (probably the cheapest). Two, just drywall right over the plaster and it seals the lead based paint under the new drywall. With that method Id have to pull out all the electrical boxes to compensate for the thickness of the new drywall (probably the second cheapest). Three, remove all the old plaster down to the studs and then put new drywall. If I did this method then it would be a good time to do electrical upgrades and add insulation (seems to be the most expensive by far). I could be missing other ways of tackling it I am not sure. 

What's suggestion does anyone have to fix this challenge?

The other obstacle I am finding is the flooring. Seems like most of these homes have hardwood floors. Ideally if the floors are in reasonable condition I'd just sand them down and refinish them. 

What suggestions does anyone have if the flooring is beyond just sanding it down and refinishing it?

I am open to all opinions and ideas to help me learn more about what kinda cost I am going to incur. 

Thanks in advance, Craig 

1. How much experience do you have in being a landlord?

2. What kind of experience do you have, if you have any?

3. Old structures, 2,000 miles away? No/little experience in out of state investing? No. Don't do it. Spend the money on getting your head examined. It'll be cheaper and more productive.