Finding "red flags" on older property listings.

[Ryan Tongue]

Hi all, quick question today.

I've been looking at a few older property listings while searching for a buy-and-hold rental property in Michigan. I'm aware that I should be watching out for "red flags" on these older properties (i.e. old roof, water damage, mold etc.). Firstly, what are some of the big issues I should be watching out for with older properties beyond what I listed? Secondly, how can I find out more about repairs and work that's been done on a property, especially from out-of-state? Using the roof example, where can I find out how old the roof is or when it was last replaced?

Thanks for any feedback! 

[Bruce Woodruff]

You've had some great answers. I usually look carefully at the most expensive things:

1) Foundation/Slab - small cracking and movement are no big deal, but a large crack, settling, displacement can cost a fortune to fix.

2) Plumbing - esp cast iron sewer and galvanized ( or old copper) supply lines.

3) Electrical - Knob/Tube, old original romex, no grounds, small main panel.

4) Structure - Check the attic (and crawlspace if there is one). Look at the roof ridge, any sagging or cracked walls/ceilings.

5) Roof - KInda obvious, but they are getting expensive.

6) Open permits or non-permitted work - Call the City and ask for permit history. For instance if there is a brand new kitchen but no permit, you could have problems...with resell value/future inspections/improper or dangerous work.