Renting out Old House (1918), any pitfalls?

Question

I'm a first-time homeowner who will be moving soon and renting out my current house. It is a 1918 Bungalow-style home in Norfolk, VA. This will be my first time renting out a property and while I've lived comfortably in this house, I am wondering if there are specific parts of the house I should tend to before leasing? The hardwood has been refinished, new carpet will be put down, and the lawn will be in a state that it can be easily maintained. I will not be living nearby so will have to depend on a good property manager and want to do what I can to mitigate the risk of future expensive repairs. Thanks!

Patti Robertson · Answer

@Rochelle Thea Fabrizio raises some good points.  There are a couple of other issues to consider with 100 year old houses in Norfolk.  I agree that I’d prefer to have no carpet.  Usually 100 year old houses have no insulation.  You can blow it in the walls, but do you know if this has been done?  If it hasn’t, you can generally attract a tenant if the house is marketed well, but if the utility bill are exorbitant because of no insulation, turnover will be high. Windows can also be an issue.  If they haven’t been replaced, do they all open and stay open on their own?  Is the exterior painted wood or something else?  The more of the wood you can wrap with vinyl, the better, to avoid the peeling paint that potentially contains lead.

William Sevier · Answer

Thank you so much! This is exactly the information I needed.

Rochelle Thea Fabrizio · Answer

@William Sevier do you happen to be military? Some of the biggest and most expensive issues arising with older homes is the electrical and the plumbing. Do you know when those were replaced if ever? I would absolutely put away more money each month for CAPEX (normally a little less than 10%..you may want to aim for 15-20%) to be on the safe side. Make a goal of a certain $$ amount you want to put aside for emergency repairs. My goal is always 10K per property minimum. (this doesn't need to be an immediate need but an ASAP need) Try to make things as low maintenance as possible. Carpet requires maintenance frequently. Make sure wood is all stained or sealed. Siding is intact with no rot or cracking paint, and ensure you look at that rough to ensure not cracking tiles that haven't been sealed or replaced. I manage two properties from a distance so this are big ticket items I'm always looking for. Hope this helps!