I'm real close to putting in an offer on a 4-plex. It looks like it will cash flow real nice and with a 12% cap. It is in a not so desirable area, but it has a solid rental history. It was built in 1880 and shows its age...
Should I be overly concerned about things like age? ...
Some places you don't have a choice, I guess- the housing stock is just old. More important is the condition of the systems- HVAC, plumbing, electrical. Obviously, they have been upgraded,probably a couple of times, since 1880! But how long ago has it been?
Also- be sure to factor in a lot of extra cost for painting a property like that. Even if it's just the trim, those "charming details" add tons of time to the job.
Location would be my concern then make sure to have inspections if you move forward
Thank you Brad and Jean for your insights. It would be my first property, so I want to do it as close to right as I can. Eitherway, I'll learn a ton from the process.
My biggest concern would be , plumbing, electrical , and possibility of termites. Also the Roof and HVAC systems.
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