Home Inspection Results - NEED OPINIONS!

[Lee Stephens]

Hey BP, I have a 4 unit under contract in Elgin, IL that just got inspected. I have some questions regarding the report as I would like additional opinions on how serious these issues may be and if it is worth proceeding with the deal: 1). There was seepage and required tuckpointing repairs noted in the basement (the basement is unfinished and used for storage / laundry / mechanical purposes) - is this something I should be seriously concerned when thinking long term and what might these issues point to? 2). Windows throughout building were drafty. There are at least 35 wood single pane windows which all appear to be in average condition, however there is evidence of caulking - How long do you typically budget a window to last before repairing? This concerns me due to the future cost to replace these windows. 3). 100k (estimated) BTU Boiler is 21 years old - said to be in good condition but I understand that this is fairly old for a boiler. Should I expect to have to replace it soon? 4). The heating system is not zoned, but there is evidence (one for each unit) that it was once zoned in each of the 4 units as there are 4 separate pipes and old thermostats in the units that are inaccessible. I don't understand why an owner would unzone the heat and I'm wondering how costly it would be to re-implement the zoning system. *DISCLAIMER* - this is my first deal under contract and I am the least bit handy; therefore, I am expecting a lot of the inspection results to sound scary (and they do), but I also don't want to walk into a bad deal. Any help/advice is greatly appreciated. The listing is below. Thank you!! https://www.redfin.com/IL/Elgin/532-South-St-60123/unit-3/home/16932194

[Brian Detlefsen]

Lee,

I agree with what Manuel mentioned above. In addition, it looks like you have a drain in the floor of the basement. I doubt that you have a sump pump. If you do, then there were probably big water issues in the past and that was the solution at the time. It looks like all of your downspouts from your gutters drain right next to your foundation. Try to direct the water as far away from the building as possible. 

The building is an old building (96 years), it appears that none of the windows will be a standard size. I wouldn't replace unless you have to. If this is in a historical district in Elgin, you will have a bigger problem replacing windows. In Elgin, I have seen people replace the windows with shorter windows and block out the gap with plywood. Not very good looking, but functional I guess.

You also don't have coin-op laundry. I'm sure the tenants have their friends over to do their laundry for free (at your expense). Plus, you can charge extra for garage space, weather it is to your tenant or not.

Lastly, you don't mention it in your post, but check the breaker box. If it has Federal Pacific Stab-Lok breakers, your insurance company will require that you replace everything ($$$). They are a fire hazard (don't ask me how I know this). There are/were a lot of these breakers in Elgin.