Buy or Not? 60 Year old house, newly renovated, near college campus

[Wes Hohenstein]

I am a new investor looking to buy a 60 year old home that was recently renovated. Has good bones with some typical 60 year old home problems. It is right across the street from a growing, small university. Been on the market 90 days, so I'm hoping there is a deal to be had. My concerns are the renovation was not permitted (but otherwise looks nice), it might need a new roof & a similar home near campus (4 BR/3 BA) has not rented. Would appreciate some thoughts that you might have before we move forward or pull the plug. Thanks!!

[Benjamin Carver]

Quote from @Ali Nichols:

Another consideration would be timing. If your target renter demo is students, many students might already be locked in at this time given the timing of the school year.

She makes a great point. If you got it, you might need to do STR or MTR until Spring Semester. Does local zoning for that property allow STR? Your main concern is finding out if it's UP TO CODE, because then it's a matter or just getting it permitted. The property value might take a hit if you don't fix it and go to refinance or sell later on. And renting a building that's out of code gets you in hot water. If you rectify it, make sure you are negotiating to get a deal that makes it worth your while. And remember to account for time costs as it can take a while to deal with government stuff. Feel free to PM to discuss more. I'm local.