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Updated over 9 years ago,
4-plex with a questionable incentive for a newbie
My first time investing in real estate and my sights may be beyond my scope.
An 8 bedroom, 4 full bath, 6200 sqft. Multi-family (quadplex), was built in 1910 and is located just outside of a main city is listed at $4900. Listed in the property details is "Buyer's responsible for due diligence: all back taxes, assessments, water/sewer, any city violations and both sides of closing costs that may be associated with this property."
I am extremely interested in the property because of the potential I can see for a long term rental property. On the other hand, I am worried about the cost being so low because of all the back taxes and any other legal/financial surprises. Fixing up costs I'm not worried about, just back taxes. Should I keep looking for other potentially better properties or should I pursue this property? Any help or comments would be greatly appreciated, considering I have no clue what I'm doing. Thank you in advance.