Buy? Needing immediate CapEx Improvements
I have an off market deal that is reasonably undervalued, and with great opportunity to add value (register as legal triplex, update units, etc).
However, I just found out that the latest updates were completed in 2003 and that the property will be in need of major CapEx improvements in the near future (roof, furnace, Windows).
assuming it will cashflow even after including the CapEx costs into the cost to purchase. Just more money up front, and I am a buy and hold investor.
What would would you do?
Note: the seller is not motivated to sell unless they get around their asking price, so pushing back to ask for a reduction in price is not an option.