Old 4-plex

[Mike H.]

Hello.

I am considering an old 4-plex (1920s), ok cap rate (4% which is typical of B/B+ in San Diego). The building is built on a steep hillside, which is a pro (private, views), and a con (hopefully it won't slide to the bottom).

Purchase price is about $1m. Estimating maintenance to be $5k/y.

I am new to multi-family. Age excepted, this would be an A-/B+ building on all other criteria (plumbing, electrical replaced 10y ago, nice neighborhood with good appreciation). 

Is it ok to think of it as an A-/B+ or should the age move it lower? 

Anything specific I should be worried about regarding repairs/maintenance?