Old multi-family building in Chicago...what to upgrade and how much?

[Anita Afandy]

Hi fellow BPers!!

TIA on all your insights and advises. I am highly interested in investing into a multi-family brick oversized building in Chicago (5000 sqft 3 units), but am intimidated by the scope of the work. This building has been vacant for over a year but seems to be in decent shape inside. However, there have not been a lot of updates on the mechanicals and interiors. I have done real estate investing in multi-units previously, but they have mostly been updated in the past 20 years. On this one:

1. Electrical fuse system - I likely will need to re-wire the entire 5000 sqft?

2. Plaster walls and popcorn ceilings 

3. Boiler HVAC system with no forced air and no AC

4. Original plumbing from the 1800s

5. The building seems to be structurally sound but do I need to bring in structural engineers to inspect?

6. Original flooring and additions in the back

7. Need to add extra bath and WD hookups

Any suggestion on where to even begin? I am still in inspection period but would love to understand if there are any potential unanticipated surprise. Additionally, what would cost be on something like replacing boiler to central HVAC and electrical fuse to circuit breaker and rewiring of everything? Am I too bold to undertake this project? 

Again, thank you in advance!!

[Tj Floros]

I did a gut rehab on 3 unit about 6 months ago and it was about 290k for all new plumbing, electrical, hvac, kitchen and baths. I would estimate about 100k per door for a full gut.