Too Old or Too Good to be true. 100 year old duplex

[Jesse Waters]

I am looking at a 100 year old duplex that is in pretty good shape with a good location.

The building has lots of updates, hardy plank siding, new roof, split utilities, updated kitchens & baths, all appliances included etc.  It is listed for $110k very motivated seller and each unit is rented for $925 furnished with utilities.  Each unit could rent for $600 unfurnished with no utilities.  The history & numbers are solid.

My question is: What am I missing?  I feel like I have missed something with the age of the property, but it doesn't seem that bad.  Anyone with experience with older properties, advise?

If I am not missing anything it seems like a solid deal for my area, especially since I should be able to pick it up for a good bit less than its list.

[Brandon Hall]

@Jesse Waters

 Hey no worries it happens to everyone. The returns really aren't horrible, but there are better opportunities out there which is, in my mind, the major downfall of this investment. If I'm locking my money up in an illiquid asset, I want at a bare minimum 12%.