Older dupex as Owner-Occupied STR

[Adam Johnson]

Hello all!

First post and first investment so please go easy on me! haha

I'm 23 and looking at an older home in Nashville that is an older (1945) duplex. My plan is to live in one unit and use the other unit as an STR. The home has some older wiring and came back with a lot a things on the inspection such as small cracks in the block and stone at the foundation.

I'm buying this as both a primary residence and a STR so I don't want to end up in something that I'm way in over my head and end up having to dump a ton of money into. 
Should these things be a concern for being allowed to STR this property or could I be over reacting to these matters? 

[Luka Milicevic]

@Adam Johnson

Just from my experience in buying/renovating homes....and with the very limited knowledge I have on this deal:

One of the most important aspects to knowing what a house needs is the age of the home. 

Since it was built in 1945, your electrical is aluminum wiring-assuming it was never updated. If the connections are done right and haven't come loose this is typically okay. For the most part aluminum wiring is not ideal and can be a fire hazard, especially if the connections have not been done properly. A friend of mine who is a firefighter said aluminum wiring is a major fire problem....but he is a firefighter and sees the worst of the worst. 

You also most likely have galvanized plumbing pipes-again, assuming it was not updated. If it's built in 1945 then it has reached the end of its service life and should be replaced with PEX. 

In terms of the cracks....the soil in TN sucks. That's why we have so many foundational repair companies. My assumption is those are foundational issues and not cosmetic. You're looking at $700-$1300/ foundational pier and they need to put 5ft apart from one another. 

Everything I mentioned-electrical, plumbing, foundation may be just fine for the next 10 years, it may fail on you tomorrow. There's no telling. I'm just giving you a few things to think about based on my experience. Older homes carry more risk and you should know the risk going into them. With that said, if you have priced this into your purchase then it really shouldn't worry you. If you are paying full market value for a turn key home, then that's a different story.