Knob & Tube Wiring 🔌 💡

[Ryan Ness]

This property is located in Lafayette, IN. Especially on an apartment building, are there any ideas of difficulty to insure? If so, is there a best recommendation for the removal/deactivation of the wiring? I do not anticipate a complete gut job and rewire, but there is some potential existing above only one unit. I understand that this can sometimes lead to more wiring than was initially expected, so I need someone who is up for the challenge and at a price that's hard to beat!

The presence of the wiring was noted a week or so after we were in contract, but I also assumed from the start that it may come up on inspection due to the age of the property, and its location. I know that the appraisal may work to my advantage as well if they flag it. I have already budgeted $25k for repairs on the property, but this was not one of them. My main concerns are health & safety, along with the ability to insure the property for $300 or less per month. This is a 4-unit built in 1915, that was converted from a large single family initially. PP is $250k, with a fixed 7.7% interest rate for 30yrs. Goal is getting rents to market at $950+/unit. The appraisal and inspection are both taking place today, and I expect to review them either tonight or early tomorrow morning.