What to update when buying property with tenant in place

[Ben Sears]

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.

[Cassi Justiz]

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.