Looking for some feedback on a property built in 1840

[TJ Kurtyka]

Hey BP!

I wanted to ask for some advice on a triplex. This is going to be my first property, and I am pre approved for an FHA. I plan on living in one unit while AirBnBing the others. After spending the past two years waiting for a dip lol, reading multiple Bigger Pockets books, and an insane amount of videos and podcasts listened to, I have been looking to buy my first home/investment. So I have been mainly focusing on a beach town market that I have spent the past half year living at and getting a feel for the area and market. I've looked at a handful of properties there, but then I received a curveball. My girlfriend came across a property in a very nice high end historical town. It's this triplex that also has 8 storage units that I can use as additional income. The inside of it looks really nice actually, but it is a property that was built in 1840 and is marked as a historical structure, so I would need to only do repairs that coincide with keeping it technically historical. There are tenants currently occupying it and I spoke with one who said the unit he lives in is great. Plumbing is all good and has strong water pressure. The property is being sold with sellers financing, which is another curveball I wasnt expecting, but am absolutely open to. They actually got the place inspected in March and sent me the full report. It would technically need the gas lines with "yellow tape" instead of white tape to be up to code. The electrical panal has no cover and is exposed to moisture and I believe some outlets dont work and one of them has no ground. The foundation is only 10%-25% visable and there are some cracks, as well as it being built with lime mortar. I am very inexperienced with what it takes to repair a house, so I dont know how serious these issue really are, and can of course be a repair job in the future. I'm just going to include below pictures of the house and some screen shots from the report.

So lets look at this from why this is such a toss up. First of all, I really love the area. Its a very wealthy and safe town, and this house is right around the corner and in walking distance from the historic main strip, shops and restaurants. I mean the friggen sidewalk is made out of bricks in front of the house. It's got some charm. It also is very close to a train station that goes right into Philadelphia, which is also a short drive away. In Uber distance even. It's also really cool that it was originally built in 1840 and has a Victorian style to it. There's also a yard with lots of parking, and like I mentioned, 8 storage garages that I can rent out in the back. I think it has killer AirBnB potential year round. My original plan is the beach town, which makes really good money all summer, but that summer income is mainly the yearly income (I could monthly rent it the rest of the year). I also just havent found a property there that I like except for one, which the offer didnt go through. I guess the main thing holding me back is that I'm worried about that foundation being so old and the electrical. I want to spruce up the place anyway for some forced appreciation, but was trying to keep things like that mainly cosmetic. I would love to be able to hold this place long term, but I would also sell in a few years if the numbers worked out too. What do you experienced investors think? I can see this place being a great AirBnB all year and I would be very happy to live here for a bit too (not past a few years. will eventually rent out all three units) and have it as a place I can come back to close to family. Just concerned with the foundation and long term use. Thoughts??


Here is the google drive link for the pictures:  https://drive.google.com/drive...