Rental Property Investor · Roselle, IL · Member since 2020 · 30 posts · 12 votes
Hello all, I may have found my first unit to purchase. It is located in the Midwest. My question goes out to others that have purchased older homes along with experienced 2 unit landlords.
First off, the home is older and cosmetically in great condition inside and out . It was built in 1890.
The home has a cinder block basement and siding for the exterior. What things should I look for that may be hidden. I know pipes are a big issue. The home is on city sewer/water. It might be worth a plumber to send a camera down the main sewer to check the condition. I would love any tips from others on what to look for.
The home has separate meter for gas and electric. It has 2 units. The current owner did not use it as a rental and uses the whole home (both units ).
What is the best way to go about making sure these are legal 2 units? The numbers look great so far and my only worry is this may be a money pit due to the age. I am going off of pictures now and I am working on a showing next week.
I am really interested and it may go fast. If I like what I see I am guessing I should put an offer In with contingencies?
Investor · NY · Member since 2020 · 57 posts · 44 votes
6y
You should be able to look up the deed on your county's website for free. It will give you the information, if it is a SF or a Multi, I always check before I make an offer on a home. (That's how I also check to make sure the taxes are correct, too.) You definitely want to make sure that it is a legal 2 family home. Also, my rental props were constructed in the 1800s and all of them are in good shape. I recommend having more money stashed for fixes. An older home will cost more to fix. As for the interior, your Inspector should be able to tell you if there are any issues with the home. Also, if you're worried about something with the home, ask them, that's what they're getting paid for.