Home Inspection Results - NEED OPINIONS!

33 Replies

@Lee Stephens

Now that you locked the place under contract and given the things that need fixing, can you ask for a significant haircut?

If the price is low enough, the numbers make sense, curious to see how this offer pans out...

Best of luck!

@Lee Stephens

Looks like a nice building.

Seepage- I would look into getting it sealed up on the exterior, could be an easy fix, and make sure downspouts are good and pushing water away.

I wouldn’t be concerned with a 21 year old boiler if it’s been maintained properly.

Windows- if you are paying for heat, I’d replace each apartment windows when they go empty.

What kind of rents will come from that $400k building?

@Matt M. Thanks Matt. As others stated, all of these issues seem to be very manageable. The rents should be around $1,100. The units are a good size and they’re in good shape with the addition of a parking garage, laundry and storage, so I don’t see an issue getting at least market rent with a possibility to either get above market or additional income with the stated amenities

@Lee Stephens I own a couple properties in Elgin.  One of which is a duplex with a separate cast iron boiler for each unit.  I can attest to @Travis Gulley 's comment.  The boilers are original to the building which was built in 1970 and they work just fine.  I have an excellent HVAC guy that specializes in boilers.  He told me the same thing Travis said in his comment.  Glad to share his name if you're interested.  

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