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67
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24
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Lisa Kattenhorn
24
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67
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Bad idea to buy a historic multifamily?

Lisa Kattenhorn
Posted

Hi everyone!  Any advice would be appreciated.   I currently have a 4 unit under contract in Worcester County, MA, that was built in the 1760s.  The units are laid out quite well and the house seems quite structurally sound on inspection.  They just don't build them like this anymore...the post and beam attic is quite impressive.  The wiring needs a little work, but is relatively up to date (no knob and tube) and the plumbing, heating and windows are in good shape.  The area is great for rentals and the numbers work.   My biggest concern is resale value/appreciation.  It seems the owners struggled to sell this place the last two times it was sold...finally cutting the price quite significantly to get it done.  This past time I assumed was due to covid, but they struggled to sell the place in 2015, as well.  Am I making a huge mistake buying a property of this age?  Any thoughts on if the age of the house will be a huge impediment when it comes time to sell?  

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