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Updated over 2 years ago,

User Stats

6
Posts
1
Votes
TJ C.
  • Rental Property Investor
  • Pennsylvania
1
Votes |
6
Posts

Looking for advice on my first property that’s is under contract

TJ C.
  • Rental Property Investor
  • Pennsylvania
Posted

I have my first property under contract which is a duplex. Top unit occupied and rents for 800, bottom unit occupied which rents for 1200. Purchase price is 160k, appraisal came in at 175k. PITI is 1253. All sounds great obviously. We just had the a resale certificate inspection today with the code enforcement officers and there were some concerns that "need to be addressed asap". The pent roof around two sides of the house (it's a brick row home on a corner) needs to be completely replaced due to the wood being rotten underneath. The garage/storage unit attached to the back, approx 30'x15', needs to be replaced (currently leaking into the storage area that nobody uses). This is a flat roof. There is some water damage and mold in the finished basement from a leaking shower above in the first floor that needs to be repaired/fixed. This has leaked and made a hole into the basement ceiling. There is moisture in the basement and a good bit of mildew and mold from the moisture far away from that hole. One of the HVAC units (on the top floor) is leaking water. Those are my main concerns. Mostly everything else is cosmetic or easy to fix like smoke detectors etc. Does this sound like a huge red flag to walk? I am a compete novice to any of this.

Thanks for any advice!

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