Is it a good deal? No central heating and Air

[Ekta Patel]

I came across this Four-plex that need about 40K rehab for 2 of its apartments, 1910 building in downtown, combine water meter and electricity, 50% occupied, 2 units that renovated are rented and other 2 units need total gut rehab that might be around 40K according to seller. Main thing that's bother me is NO central Air and Heat. Seller said split units in already renovated units works great. 189K asking price, 3K is monthly rent from all 4 units, that includes Utility. Seller is an investor who is busy with multifamily deal that he just accquire and lost interest in this four plex. Hope to hear from seasoned investors 

[Evan Polaski]

@Ekta Patel, agreed that I would not listen to his rehab budget.  I would imagine $40k PER unit might be close, depending on size and finish selection.  

I have always lived in old houses, so the age doesn't bother me, and a split system HVAC can be very effective and efficient. But as mentioned, if you need to rewire and update plumbing you are looking at likely 10k per unit before you even start the cosmetic work.

Another big component is what about roof age, foundation condition, retaining walls, landscaping, etc.  These are all costs you will have to not only account for now, but continue to budget for into the future, i.e. a new roof will wear out eventually and need replaced again.