Quote from @Taylor Kendrick:
Quote from @Ryan Konen:
Older multifamily properties, like the one you’re considering from 1920, can be solid investments, but there are key areas to assess carefully. Older buildings often have charm and character, but they may also come with maintenance challenges. Common concerns in pre-1940s buildings include outdated plumbing, old electrical systems, and structural issues that could be costly to bring up to modern standards. The brick construction is a plus for durability, but check for any signs of foundation issues, especially if the property has settled over the years.
Be sure to budget for updates to key systems—plumbing and electrical upgrades can be pricey but crucial for tenant safety and modern functionality. Lead-based paint and asbestos are other potential issues with older properties, so get an inspection to assess any environmental risks. If the property has a solid inspection and a healthy maintenance budget can be set aside, these older properties can be very profitable. Many investors see no "hard line" on age as long as there’s strong cash flow and maintenance is manageable, but ensuring you’re prepared for any age-related quirks is essential.
Thanks for this, Ryan. What kind of businesses would you search for in order to conduct the various inspections/assessments I would want to do for a property of this type?
A reputable home inspector would be able to point you in the right direction. A lot of them will only point you in the "right direction" and have you consult with a licensed professional in that field (ie. structural engineer, licensed electrician, plumber etc) if there are any concerns.
