Buying a 1940 house as a rental
From reading on here and listening to the podcasts, it seems this isn't too uncommon in the rust belt. However, I'm looking to do this in Texas for about $65,000. It would cash flow around 17% based on projected rents. Prior owner rehabbed it.
Anyone here have any experience with a property this old? I'm concerned about plumbing, electrical, etc beyond the normal rehab work that is typically done. If I'm going to own this house for 30 years or more as a rental, I'm concerned about how much i may have to pay to replace plumbing etc down the road.
Any thoughts there or data from your own experience to help me guage how much risk I'm taking on?
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There are houses near me built in the 1800's. It's a non issue.
you have to remember, people settled this country in the 1700s. Depending on the part of the country you're living in, it's not unusual to find homes built in the 1800s when towns started to build up. But, certainly, the big push in the suburbs was after WWII when everyone came back home and wanted a place outside of the busy cities.
Most homes have had their electric and plumbing updated at some point.
But like I said, that's what inspections are for.