Inspection Complete
As I type this blog, there is extra space between the paragraphs, but that vanishes after I post. Had I known that, I would have double spaced to improve readability.
**Edit** I now know there are spaces between the posts, but it compresses things in the overview, and double spacing has no effect.**
Well the inspection is over. I was worried about the roof, and it does need a new roof. Patching just won't work long term, and I am not a fan of patching anyway. Also there is a plumbing hood that is cracked, letting light, and rain in.
There's other stuff, but not a real big issues. But stuff that will need to be addressed. The railings going upstairs needs to be replaced. (Safety issue.) One of the back doors, and the trim, needs to be replaced. A sink is leaking. The furnaces need a cleaning. And a drawer in one of the master bathrooms needs to be fixed, or replaced.
Windows should be replaced, but that's mostly cosmetic. That, and a few other things can wait until a tenant moves out. I will do more of an overhaul of the property then, and raise the rent of course. Rent seems quite generous for a 3 bed 2 bath, but the area may keep rents depressed.
The appraisal came in $3,000 above what I negotiated, but a new roof will cost more then that, so I am expecting either a break in the price, or better an allowance for at least half the cost of the new roof. I would rather have as much of the roof in the cost of the loan as possible.
**Edit 2** Forgot that one of the units also needs the smoke detector replaced. The one supposed to be in there now is missing, and there are exposed wires where it is supposed to be. Another important issue. But hope those tenants didn't rip it out for some reason. **
Comments (1)
Inspections are where you find out about all the bad stuff. I breathe a sigh of relief when they are over and the property comes out relatively clean.
Dawn Anastasi, over 12 years ago