Tell me buying a triplex that is 150yrs old is a good thing

[Patrick Gibson]

Currently have a 3 unit triplex under contract in WI that was built in 1865. Will cash flow great, but what reservations should I have purely based on age of the structure? I'm from southern CA and have a good PM that is managing another multi-family. She doesn't see an issue, but I just wonder....Any feedback to help me cope with my concerns would be fantastic.

[Charlie MacPherson]

@Patrick Gibson We have a lot of those in my part of the world.  The things you most want a home inspector to be on the lookout for - in addition to the usual are:

1. Cedar post lally columns.  These shrink slightly over the many decades, causing floors to tilt.

2. Temporary (adjustable) lally columns that were used to replace the cedar.  These are not cement filled and are not up to code, because in a house fire, they'll lose strength and buckle.  The cement filled columns will last longer.

3. Knob & tube wiring.

4. Decrepit plumbing.

5. Termites / carpenter ants / powder post beetles, etc.

6. Electrical panels with fuses instead of breakers.

7. Fieldstone foundations that are leaking.

8. Wet basement.

9. In-unit gas heaters.  These old-school mini furnaces stand alone on the kitchen or living room floor and are supposed to throw heat around the apartment.

10. Failed septic systems / blocked sewage lines.

11. Signs of rodent infestation.

Those are the ones I see most often.  GOOD LUCK!