Newish, Need some advice/input

[Cadence MCDonald]

Long term lurker, first time poster :) What are your thoughts about the Sealy Texas area (this is about 20 minutes outside Katy on I-10. Is it an area you would venture to if the numbers are "good" or potentially "good" -  There is a 4plex am looking at there (2 beds 1 bath in each unit) - but the property is in pretty bad shape (foreclosure- fannie mae) - I have it under contract but still doing some additional due diligence. It looks like the units on the 1st floor have some mold that probably was not remediated since the harvey flood :(  - can this be remediated successfully - given the time that has elapsed? - i think yes? - It's not in the flood plain. I may be able to buy it for around 120K.  I plan to re-do all the sheet rock and kithen cabinets etc on the first floor. I may do a new roof ( I have a roofer will do good work and charge me a deeply discounted price - (close friend of mine) 

Of note and the last question is - the electric meters were not present and I called the elec company and they told me that the esid's were retired and the meters removed. Elec company says they have created new esid's and will re-install the meters but an electrician has to pull a permit from the city (still working on that with the goal of finding out if perhaps the city had a hand in the removal perhaps) - simultaneously, I reached out to the city director of public works on any info he can provide me with regards to whether they have any past actions on the property ( i would think if it is condemed, fannie would not have listed it perhaps?) - anyways my research indicates that the previous owner had an unpaid water bill of 15K that went unpaid and the city cut off the water, tenants bailed, and property went in to foreclosure. So i know there are major leaks in the structure and I plan to re-pipe most of it.

city building and permits mgr advised he will reach out to me in a couple of days and advise what they have on the property. I am still within my option period so I can still bail if a horror show begins to emerge :)

Thanks for reading 

Thoughts? 

[Mike Reynolds]

@Cadence MCDonald I think Sealy is a good area myself. I'll PM you with the reason. I cant say on a public forum due to conflict of interest. 

As far as the meters, that could be any number of things. Maybe last tenants didnt pay the bill so they took them out (assuming they are not smart meters). At any rate the ESID would be new to the next tenant. Now to get them back on you would need an electrician to give his blessing on the wiring in the house to hook it back up. Plan maybe for one to come out and look before you sign and get his approval first. A rewire could be costly. 

The mold shouldn't be an issue if you plan to take out the drywall and get rid if it.