Updated almost 13 years ago on . Most recent reply
2 multi family houses over 100 years old
I am looking at 2 properties on that are side by side. They are both 4 unit multi families that are 100 years old. They appear to be well maintained and are fully rented. Together they bring in about $119,000 a year in rents, but expenses are really high. Property taxes for both together are $33,000 yearly. That, along with other expenses like insurance, landscaping (the properties are on 3/4 acre each), maintenance, and property management, and of course the huge down payment and mortgage expenses, have me hesitating.
What would maintenance costs look like in such old properties? What should I be looking for? What about electric and plumbing, is there any way to know whats behind the walls?
I would like to have some cash flow, and run in the black. What would be a good price for these houses? Thanks for any insights.