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Updated about 8 years ago on .

User Stats

691
Posts
610
Votes
Samantha Klein
  • Investor
  • Monroe, WI
610
Votes |
691
Posts

Triplex with 2 Prong Outlets - is this a good deal?

Samantha Klein
  • Investor
  • Monroe, WI
Posted

There's a triplex on the MLS one street over from one of my properties and it has two prong outlets for every outlet that I saw. The electrical box has been updated to a breaker box, when in the basement, I did notice some knob and tube wiring just hanging around. This building was built in 1885. The upstairs unit is disgusting and likely needs to be gutted, it's rented to a smoker who has been there 20+ years and smokes in the apartment, the walls and his blinds are yellow. I'm more worried about the electrical not being grounded and how easy that is to fix with 3 units being occupied. The total rents are 1927 a month and I am pretty sure this can be bought at 95-100k. I just want to make sure I won't be sticking a ton of my own money into the deal for major repairs.