Originally posted by @Patrick M.:
I have 2 old multi's and have found issues with the foundations. Make sure you have a good inspector. Basement ceilings can hide sag and other issues. Both of my buildings didn't "seem" to have foundation issues, but 100 years of ever increasing weight (we have a lot more stuff now) can affect the support. Also, depending on the outer exterior block used- it could be quite weak.
I echo what others have said about plumbing and electrical. Assuming there has not been a recent renovation then I would assume it will be drafty and poorly insulated. Blowing in insulation to the attic on receipt will pay for itself.
If it is a masonry structure there can be a whole host of nightmares surrounding deteriorating brick, especially around windows. If you have water heaters exhausting up interior chimneys then be aware of possible leakage.
Recognize that every job which you have to do has the potential to spiral into others- I have found a number of patchwork jobs when we went to do work that necessitated doing more work than anticipated.
Upon closing I put water pressure regulators on the main lines in- we have pretty high pressure, municipal water- this will give those old pipes a break.
As for the neighboring buildings- I have renovated all my units before I have put them for rent. The neighboring units set the market ceiling in my market and they are more than happy to sit on their price, so I wind up stealing their tenants by being just below.
I would suggest deciding up front on renovating or not, 100 year old structures do not support todays lifestyles unless they have been updated, so you will pigeon hole yourself to the lower renter.
These two buildings have brick exterior, block foundation, will have chimney stack for furnace venting, no fireplaces. Tuck point work as been done on a yearly basis and will continue to be done. No boiler either, each unit has a furnace and water heater. Some plumbing was done 4 years ago but will dig more into that. For electricity, they were replaced with breakers rather than the older fuse boxes. Windows are new, so that has already been taken care of. The outside AC unit will need to eventually be replaced and soon. The furnace and water heater are about 10 years old. Roof about five years old. Honestly, my main concern is the foundation, even though it looks to stand up right now, when will I start to have major issues are my thoughts! Also, my realtor said that this USED to be a D neighborhood but lot's of new expansions and renovations going on so it has gotten better. I'm back and forth!
