Quadplex in Historic District

[Luke G.]

I'm looking at a quadplex in a historic district in Nashville. The east Nashville neighborhood has gone through a lot of gentrification and this unit is in one of the better parts of the area close to downtown. The asking price is 610k. Each apartment rents for 1100 a month. All the units were updated 8 years ago. There was a mention of a dilapidated basement unit. 

I'm in my early thirties, make 80k a year and have 20k in savings. My plan would be to live in one of the units. Thoughts?

[Joel Owens]

I forgot to mention that people often get excited about owning a building in a historic area.

You need to make sure all units are legal and permitted. You want to make sure no grandfathering clauses exist for current owner and when a sale happens to you the new owner that goes away.

Also be aware that any changes to the exterior or even maintenance  issues likely have to be approved by the local historic preservation committee and it can be VERY EXPENSIVE and time consuming.