Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago, 05/02/2023

User Stats

1
Posts
0
Votes
R Riyad
0
Votes |
1
Posts

Need experienced opinion on multi family property with some issues(pics)

R Riyad
Posted
Ive been looking for a while and been hesitant because it is all my money and im new. Found cheap Multi Family property but has it has some issues, I will also underbid because it needs work. Need experienced opinion if this is worth the work. Ive attached pics as well.

property:
under 200k
Age: old.
units: 3
foundation: block
town: small but appreciating

What I like:
1.
Location, close to central area and uni
2. Price
3. Room for cosmetic fixes and rent increase
4. 3 units
5. Units themselves in decent shape

Issues and their pics:

1. Some cracks in foundation
this is visible in the unit that has a basement. One crack can be seen outside
2.
Basement Leak
2 units are dry and have no visible leaking. Not sure where this is coming from. No inspection yet
3. Frost in one unit (2 bdr)

Tenant in upper unit says that it gets very cold in winter and very hot in summer. Some inclined walls sag a tiny bit and gather frost apparently. Realtor says this is probably poor insulation and I have no idea what the cost for it
4. Fuse
I was told to stay away from electric using fuse boxes, is that valid? cost 4k to replace from what I understand
5. Cracks in paint
They told me this is the house settling, it just need retouching, is it something more sinister?

SO. Is it worth it? . Are cracks in the foundation and a leak a red flag? I have cash for fixes, at least critical ones