Historic 3 decker in Worcester MA

[Robert Cook]

Hi there,

My mother currently owns a historic 3 decker in Worcester MA. She's owned this property for 25 years or so and is finally ready to move on from it and plans to sell it in the next year or so.

This was my family home growing up, so there is an emotional attachment, but I also see an opportunity.

The house was built in the late 1800's and has nice hardwood floors, 10ft ceilings, and a lot of original craft work. Each apartment is in reasonably good shape, besides some cosmetics (paint jobs, refinish the floors, etc). It has 3 bedrooms, large kitchens, large dining rooms and living areas, as well as a walk in pantry on each floor.  

Unfortunately, it has an old slate roof that needs to be redone (I know that can get expensive!), an external paint job, and the front porch and back deck need some love (good structurally, just needs a paintjob and a few new stairs).

My whole life we have lived on the first floor with random tenants on the two floors above us. After my father passed away, my mother decided she didn't want to put the effort into being a serious landlord any more and rented the floors to my oldest sisters for cheap.

Well the time is nearing and my mother plans to hold onto the house for another year, two maybe. She suggested I buy it from her, renovate what needs to be renovated and rent out the apartments for $900-$1100 each floor.

She plans to sell the house for around 170k.

I see a lot of opportunity but I also see $$$. I am 22 years old and new to all of this. I have very little money to put down (none realistically), and my credit needs some work, but I do have a year or so to save and fix my credit.

Any advice? Any idea how I can get this done the cheapest way possible?

This will be my first property ever, let alone my first rental property.

Help!