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Updated almost 2 years ago,
1st time buyer, 635K Triplex, Inspection report scary?
Hello,
First time investor here. Received an inspection report on a triplex. Really thought it was a turnkey investment with inherited tenants. Using an FHA loan and will be living in one of the units for the first year. When we received the inspection report back, we while we know inspection reports are thorough, we were slightly shocked by what seems to be structural and immediate repairs. With that, we are okay and have just a little money to work with to do things like a new roof, but the other stuff seems be too much for us as first investors. Experts: what are your thoughts on the following? Is this reason to back out?
1. Need new Roof + flashings + added ventilation
2. Gutters need to be cleaned
3. All windows replaced (30 windows various sizes)
4. Drip leg missing
5.6.A Vent pipe repair
5.6.B vent pipe for gas furnace
5.0.C humidifier at utility room gas furnace not working
6.0.A.2 needs plumber to look at sewer connection
6.1.A.2 plumbing leaks
6.2.A.3 existing piping for T&P valve on water heater fails to extend down 6 in. Safety.
6.2.B hot water heater exhaust vent not connected
6.0.C improper drain line connection unit 3, there is sewage smell.
7.1.A ground wire install outside
7.2.A cloth wiring maybe throughout home. Safety hazard.
7.4.C loose wire ends need to be in box in storage room
8.0 foundation- water intrusion visible signs in crawl space.
8.2- undersized wood beams- need reinforcement
10.1.a drywall on wall shows wet stains indicating moisture unit 3
10.2.A unit 3 living room floors are sloped and sagging.
10.4.B sliding door unit 2
10.0.C Drywall on ceiling water stain unit 1 over washer/dryer
10.1.C drywall on wall peeling paint at utility closets
10.6.C electrical issues
10.1.D framing wall leak
10.3.D back stairs need to be redone for roper stability
11.6.A unit 3 exhaust fan not work
11.3.B unit 2 bathtub resurfacing needed
11.3.C improper materials used at the unit 1 hot water supply
11.5.C defective GFCI outlet unit 1
6.4.A new sump pump + battery