What to update when buying property with tenant in place

3 Replies

I'm currently in negotiations to purchase a SFH with a tenant already in place. Tenant has been there 13 years with no reported issues. My question is what are people replacing/upgrading on purchase? For instance, this particular property has an antique range that I'm positive I can't get parts for. Is it worth spending the money upfront for replacement or let it go until it breaks? It's seems like a good time to be proactive and head off some future repair costs.

I would only upgrade things that are unsafe. If it's working I would leave it, but know you may have to replace soon. Save up reserves knowing you will need to update some big ticket items and just replace as things break. 

We're getting slightly below market price but plan on increasing the rent some when we close. I think I may just wait until it takes a crap and then get it replaced. I think the only big thing that we'll need to address is smoke/CO detectors.