How do I calc rehab in a deal if long term tenants are in place?

[Kim Handelman]

Hi All,

I have a lead on a deal. 3 family Gross rent $3325 Taxes $7,000. Building is old (built 1900) but mechanicals are fairly new (last 4 years) roof is 15 years old. units are horribly dated and will need rehab when tenants move out but 2 of the tenants have been there for over 15 years and don't ever plan on moving. Do I put in a reno budget for updating? It'll kill my cashflow but I won't need it for a while because tenants are in place.