When buying an older property when to upgrade components
I am looking at a 2 family that poses to have some good potential cash flow. I seem to be getting hung up on the level of upgrades necessary. The electrical panel is listed as fuses. I have to assume the entire electrical system needs to be upgraded or does it? When would you upgrade an electrical system? A plumbing system? I have attached a picture of the property. The siding is asbestos. When should that be upgraded? The rest of the properties on the street are in better overall appearance and condition.
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It depends on the systems already there. If the plumbing is galvanized but in good shape, I would leave it and just monitor. Replace with Pex when the time comes. Upgrade the fuses to breakers, I assume theres knob and tube as well. You likely won't get a good insurance rate when these in there or insurance at all.
I personally would pass unless the deal is very good as properties that haven't been updated will likely turn into a nightmare unless you do a full gut renovation and bring everything up to code which of course will be expensive.