Small Town Midwest Resort Town 1920 Main Street Building
I have become aware of a 1920 era brick building located on a quaint downtown main street in a small (8k pop.) midwest resort town. It consists of three commercial units on street level approx 600 sq ft each, four two bed one bath units on second level, and a large below ground unit. Rent roll is 1% of asking price as it stands but I predict rents could be raised 20% without too much resistance. There are four furnaces in basement (one newer), two water heaters (both newer), gas is separated for the most part, electric is separated, and water is separated. It's a really neat building as the front half is brick in decent condition, the back is a flaking tile poorly covered in a stucco type plaster I believe. Vacancy rate of 2%. Maintenance going forward is my only concern, as of now, which brings me to my question: for those of you familiar with this kind of investment, what types of things (foundational, plumbing, etc.) should I look out for with a building this old?