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Updated almost 14 years ago,
Buying 50-100 year properties
I am almost at a point of 100% occupancy for my existing multifamilies and itching to buy more. A property I am looking at is an 8 unit in CA, asking for $400K, rent roll of $4800 AND BUILT IN 1910.
Building Amenities and Improvements include a New Concrete Driveway, New Stucco and Exterior Paint, New Main Electrical Panel and New Roof on Rear Building and New Mailboxes.
All units have New Cabinets, New Counter Tops, New Windows, New Tiled Kitchen and Bathroom Floors, New Pergo/Laminate Bedroom Floors,New Electrical Wiring including New Sub Panels w/ Breakers and New
Plumbing. Other Improvements include 6 New Gas Water Heaters, 6 New Gas Wall Heaters, 4 New Stoves and All New Refurbished Refrigerators
The BIG question is would you buy a 100 year old property, despite all the changes above? It appears that maintenance would be relatively low due to the recent upgrades, but would I be able to sell this 10-15 years down the line?