Are old houses good choices for buy and hold rentals?

[Michael Wang]

So I am getting a few leads for buy and hold rentals, but noticed that they are pretty old houses like prewar wood frame houses and some even more than 150 years old. My question to the great BP folks is: can these houses stand anther 30 years for my investment or should I avoid them because the age and problems come with it?

[Pat L.]

I think the youngest we have is circa 1968 & the rest range all the way back to 1820. In fact we have a few from the 1800's that were a challenge at first but classics now & rent in a heart beat.

Got this one for around $8ok & it's never been vacant. Current tenants are restoring it at their cost as they hope to qualify for the purchase. But the years of COCROI has been great for us.

Another classic we got back in 2002 is an original 1830's Erie Canal blue stone classic that we stole for $46k & it was actually two complete homes. After no other rehab than a couple of new windows & a $10k new roof (5 layers of cedar & asphalt tile) we sold it in 2005 for $78k @ 12% & still hold the note. They certainly appeal to a lot of people who enjoy living with the idiosyncrasies.