How do you know when a house is too old?

[Cody Ford]

Im currently looking at a property that has tenants living in them. I thought the posting said 3 unit but my realtor gave me the paper work on it. I looked at the paper work and its  a 4 UNIT  property. Im waiting to hear back to go look at the last unit. The 3 units one is renting out for 950, 700, and 650. Everything is functional in the property it is a older home. The property does have heated radiators through out each unit. everything is separated for each unit electricity, gas, and window units in each property. Year built 1922. The property is selling for 224k. All units are occupied. This property does look good in my perspective. Im still waiting to see other unit and see what is it renting for so i can crutch some numbers on it. 

I looking to take action 

Can anyone help with some questions I have

Will this property cost me to much down the road?

What are other ways to get this property with out having to owner occupy, FHA, conventional?

I would like to know more about ways to use OPM

[Alecia Loveless]

@Cody Ford Without having specific expenses and the 4th rent amount I can’t say for sure if I would pull the trigger on this property.

Initially with the 3 rents it looks like it would be a go for me.

I started out owning a 1908 mansion and a 1890 mansion. The age of the property means little to me.

In my 30 years doing this I’ve found that as long as you address each issue that comes up properly and do the repair needed to bring that part of the building up to current code then you will be fine.

In other words if you do the electrical or plumbing repair right the first time it’s highly unlikely you will need to repeat the same repair again in the future.

The only thing that might give me pause would be if I did not have sufficient capital on a building that was older but had appeared to have significant maintenance issues when I was looking at it to buy.