Would you recommend replacing the cast iron drain line since it lasts only 50 years?

Missing shingles, messed up flashing, etc...It could also be a leaking (inside the wall) water pipe, or leaking drain pipe, failed toilet wax ring, or bathtub drain pipes leaking.You might want to budget for a scrape and paint  too.

Quote from @Melissa Block: Quote from @Bob Stevens Stevens: Quote from Thanks so much for the reply. 

I like this because when something more serious like a water leak or a clogged drain happens they aren't afraid to call me before it's a bigger problem.lastly, if they don't have renter's insurance, ask them to get it. 

He recommends repairing and attaching the downsprout to a drain that leads away from house.

Some iconic "LA" areas like Beverly Hills, Malibu and Compton aren't technically Los Angeles at all (but Long Beach is --connected only by a two block wide stretch of land that is 5 miles long).A later post by the OP noted that the value of the lot was "at least" $100k.

It always helps to have someone like a local agent or PM who is very familiar with the area to tell you as things can often be block by block.

Purchase price: $285,000 Cash invested: $95,000 Multi family property in a booming city expecting major growth with mountains blocking expansion.

Darn, this is draining my cashflow! 

Or supply and drain?