How old should be investment property?

[Kat N.]

Hi BP members,

Could you please share your thoughts regarding the optimal age of the building in which you are ready to invest? I faced with challenge of “young” multifamily property shortage in Cincinnati. Almost all buildings for sale which meet my requirements were built before the 1950s. Expenses in that case were tremendously high, operation statements showed expense % of Effective gross income about 70-110%%. I’d like to purchase multifamily building which wouldn’t need a lot of renovations for a further 10-20years but I can’t define how old it should be.

I would appreciate any ideas.

Thank you.