3 units MF investment property safety & electric repair cost

[Kevin Kim]

Hello

I am in new MF investment property. My offer was accepted and for 3 units MF (3floor- total 8Bed room) in CT (built in 1900) and closing target date is middle of march.

I got home inspection report and major concern is the following electric related issue. I am OOS investor and planning to fix the electric related issue as soon as i close the property. My goal is to mimize the maintenance fee but offer the safe living condition to tenants.

There are currently 2units are occupied and 1 unit is vacant.

My question is how much cost to fix the electric issue to make safer for tenants? And how MF homes investor deal with this kind of electric safety issue? I will have landlord insurance policy and am currently have umbrella insurance(3M) just in case as well to cover any liability. Appreciate any feedback or experience from MF investor.

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The electrical service to the house is insufficient/outdated and needs to be upgraded/replaced by a licensed electrician to 200 amps with each unit having 100 amp circuit breakers, including an owner’s panel for the common areas. The electric meters and main shut off breakers for each panel should be re-located on the exterior of the house instead of in the basement. The first floor kitchen GFCI outlet does not test/trip and needs replacing. All kitchens and bathrooms should have GFCI outlets installed. All remaining non-grounded outlets in the house need repair/grounding. The open junction boxes in the basement need repair and cover plates installed. The cut/exposed and dangling wires in the basement need to be repaired and enclosed. The front and back stairwells, egresses and basement are recommended to have motion sensor lighting installed. All remaining active knob and tube wiring in the house should be discontinued/replaced professionally. It is suggested that a licensed electrician further evaluate, address and repair all electrical issues throughout the premises.

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