What are the potential pitfalls with 6+ family rehabs?
I've found a potential deal, but I don't know what I don't know when it comes to investing in 6+ unit buildings.
Found a bank owned 6 family in a rural C+ area in New Hampshire. Property is boarded up, and needs massive rehab. Electrical and roof are newer, which is a nice plus. The bank recently dropped the price by 50%, to $50k.
Assuming a rehab of $20k/unit, the rents in the area would make this a cash cow, as the units could each fetch $750 with ease. My concern is, I'm afraid there's a hidden surprise that would only be uncovered by performing an expensive environmental cert.
My questions are twofold -
#1 - what are the worst possible pitfalls that are typically missed by the naked eye?
#2 - is there a way to tell, through public records, if there's something buried underground that would cause a problem?
Thanks for your input.