Would you buy a tri-plex from a slumlord

[Maurice W. Evans]

slumlord is a pretty harsh term, however, let's say

-Its a rough neighborhood (some spray paint and busted windows on various bldgs)

-A bunch of 2-4plexes on the block

-the living conditions of current tenants is bad (partial electricity, no hot water, holes in windows and walls, rats)

-some visible mold on a couple walls

-doesn't seem to have had any management/maintenance at all

Owner hasn't been able to sell for a few years.   recently dropped from 75k to down 60k  (a year ago a similar triplex nearby sold for 75k)

The owner is out of state and will carry a note - willing to take 10k down and carry 30 years @5% with 5 year balloon through his realtor.

has 2  2/1 on each end that will rent out for about 450 and in the middle a 1/1 to rent about 350

Personally, I can't imagine allowing people to live in such conditions, and would have to fix it up as best as possible - keeping in mind the neighboring houses are in disrepair as well

sounds like a great deal but also a potential nightmare

:/

[Ned J.]

If this is the "norm" for the area, and there is no foreseeable improvements coming to the area..... then unless you like to deal with the drama of D class tenants and neighborhoods, I would pass.

The fact that you "feel bad" for these people's living conditions is a warning sign that you may be thinking with your heart and not your head. Unless you want to take on the role of social worker and try and pioneer the improvement of the entire neighborhood, then I would pass.

If this area is likely to remain a war zone forever, then I would pass..... $$ can be made but its not my cup of tea.....