How old is too old? 4plex

[Blake Burnett]

I am currently looking at two 4plexes for sale in Hampton, VA. Most construction over here is older. One was built in 1918 and the other was built in 1927. Ive ran all the numbers on them and on paper, they cashflow. I'm not sure my 10% for repair costs is enough on an older property. I know it depends what has already been upgraded or repaired. Does anyone have experience in these older properties and knows what to expect in terms of repairs or any other issues?

[Ben Garrison]

Make sure you get good insurance coverage. If you have a fire or flood it may end up triggering the building to come up to current code standards.

Also you can most likely go down to the city building department to check for permits on the property to see what has been done.