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Updated about 6 years ago on . Most recent reply

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Clarence Gong
  • Rental Property Investor
  • China
10
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67
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Old house over 110 years. Is it an issue?

Clarence Gong
  • Rental Property Investor
  • China
Posted

Hi BP family,

I am looking at these old houses converted into Multiplex build over 100 years ago in Cleveland area. They have been rehabbed and renovated, and you know what, they looked pretty nice and not cheap either.

I am pretty green in rental property investment and wondering is it ok to invest in these sort of old buildings and would I be able to hold them for long term cash flow purpose? If I was doing an inspection, with the 40 pages of papers, how could I tell if the property had good BONE? Worth it or not?

Btw, anyone got referral for a investor friendly realtor in Cleveland downtown area or say inner area?

Pretty basic preliminary questions and hope to get educated! And thanks in advance for all of you!

Clarence 

Most Popular Reply

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James Wise#4 All Forums Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
19,685
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28,632
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James Wise#4 All Forums Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Replied
Originally posted by @Clarence Gong:

Hi BP family,

I am looking at these old houses converted into Multiplex build over 100 years ago in Cleveland area. They have been rehabbed and renovated, and you know what, they looked pretty nice and not cheap either.

I am pretty green in rental property investment and wondering is it ok to invest in these sort of old buildings and would I be able to hold them for long term cash flow purpose? If I was doing an inspection, with the 40 pages of papers, how could I tell if the property had good BONE? Worth it or not?

Btw, anyone got referral for a investor friendly realtor in Cleveland downtown area or say inner area?

Pretty basic preliminary questions and hope to get educated! And thanks in advance for all of you!

Clarence 

 Entire housing stock is going to be older. What you want to do is buy the true duplexes. They are much more valuable than the conversions. IE the ones with 2 large front porches that look like this.

Beyond that biggest thing to avoid would be foundation problems. Other than that everything is rather simple. Roof is gonna last you 30 years so see how old it is then do your math from there. Likewise furnaces are going to give you about 30-40 years, hot water tanks about 15 & you want to get a home that's had the electrical updated to breaker panels. No fuses or Fed Pacific panels. 100 amp service is preferred but some of the streets don't have 100 amp easily available at the pole so you may still see some on 60 amp with a 100 amp panel.

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