Single family rental property with Asbestos siding.

3 Replies

We are looking at purchasing our 2nd rental property and our agent shared a good condition 2 bed 1 bath 1940s construction in nice neighborhood.  The asking is $39,900 and we expect to be able to rent at $600/month.  During walk through my brother discovered that the entire outside of home is covered with Asbestos siding.  Also on the front porch there is some small damage to some of the siding.  So wanted to see if anyone had experience with this and if this is a big issue or if we are making a mountain out of a mole hill.  Our PM team said they usually don’t deal with Asbestos and if found would try to leave it untouched or simply paint it but not remove. So does anyone have experience with this issue?  Can it just be repainted and left in place or will we likely need to replace?  Any ideas for cost to entirely remove asbestos siding and replace with new?  I am estimating 1000 sq ft of external siding.  Should we just pass on this one and keep looking for the next opportunity? Thanks for any advice or experiences anyone can’t share on this topic.

All the best,

-Don-

Hey there Don, 

My personal residence has asbestos siding so I am unsure what would happen when I go to resell it so I am going to follow this topic. I've talked to a few people about it and they told me the best way to go about it is to just re-side right over it (as long as its still in good condition, not crumbling). Asbestos siding is a great insulator for the house and it actually paints super well. I would talk to lawyer and see if you can create a disclosure and have the renters sign an asbestos disclosure similar to lead based paint disclosure just so you you are covered, just a thought. 

Hopefully someone with more experience with this can give you better insight. 

Good luck.