Hello BP members,
In the process of purchasing a house hack. Property has been neglected and I have concerns about plumbing as house is 70 years old and it was neglected by previous owner who simply did patchwork repairs while never addressing the problems. There is a a leaky faucet in third floor bathroom which has created damage to second floor's bathroom ceiling in addition to some other possible pipe/water issue as it was mentioned that after taking a shower water was found directly outside of the bathroom on the floor of the third floor apartment . Should I gut the entire third floor bathroom and see what's behind the walls and completely renovate while at it? Or should I attempt to isolate the problem if it can be resolved with removing just a few wall tiles?
The bathroom tiles wall and floor are in good shape and clean. They are however the 1970's coral pink along with the bathtub and sink to match . Just wondering if I should start fresh with ownership of this house and know everything that's behind the walls or save money and keep whats there there if i can isolate the issue. Property is in B neighborhood but its possible that I may end up with C tenant with program.
1. If you have a B property, why settle for a C tenant?
2. If you really expect C tenants, then why put the money into it? Open the wall at the source of the problem and fix the problem. Would a remodel be the difference between a B and a C tenant?
3. At 70 years, you're likely to have more than just an isolated problem. That age of house usually gets a gut rehab.
If its galvanized pipe definately replace it all now, if not you will just have more headaches later.
It would be a mistake to allow C tenants to infest a B property. If that is where this property is going do not invest in it. Your investment will be devalued and you will regret your decision.
Thank you for the feedback. Based upon your responses i think that gutting the bathroom would be best for peace of mind as I intend to keep this property long term. You all make a good point about the tenant particularly since I will be living in one of the apartments. I was just concerned that if i were to use a program I may have difficulty finding a b tenant. ( I like the idea of a program because of the guaranteed rent but you are absolutely right, settling could come at the cost of peace of mind as well as financially. )
Thank you for your insight and advice, its greatly appreciated.