Old multifamily buildings

[Matt OToole]

I am considering buying a multifamily property in the city of Chicago in the $750k-$1.5 million range.  Likely a 2-4 flat.  This would be to live in for a couple years then maybe move out, but hold forever.

Most of these properties are in the 100 year old (or older range), so this does concern me. 

I am wondering if a building that age would have so many issues over a long hold period that it would be a poor investment?

Anyone have experience in Chicago or elsewhere?

Thank you!