Is this a good deal? 4-family in St. Louis
Hello BP community!
I'm hoping to get advice from some more experienced STL investors about a property we are currently under contract with.
We are under contract for $176k on a 4 unit, each unit rents at $600/month. The property is in Tower Grove South near Civil Life. We plan to live in one of the units and rent out our current home in Maplewood.
Overall the deal looked pretty good to us, good price and we like the location. The problem is yesterday we had the inspection, and more came up than we were hoping for. Some of the issues we already knew about, and some things were unexpected.
Things we'll have to fix:
The balcony is pulling away from the building, so we'll have to have an engineer come out and we'll probably need piering.
On the sewer lateral, one of the lines had 2 breaks, but it was on the city side. The other line had a blockage, so he was unable to see very far.
The wall in one of the upper units had slight water damage, due to the window sill being rotted out.
All of the windows are older, some are painted shut, some do not lock. (wondering how soon we will need to update these?)
There are some areas that will need tuckpointing. (could be another culprit of the water damage)
2 of the AC units are not cooling properly (might just need freon).
On the bright side, the inspector said the roof looks great!
So, what do you think, still worth it, or could we find a better deal?