Ive been looking for a while and been hesitant because it is all my money and im new. Found cheap Multi Family property but has it has some issues, I will also underbid because it needs work. Need experienced opinion if this is worth the work. Ive attached pics as well.
property:
under 200k
Age: old.
units: 3
foundation: block
town: small but appreciating
What I like:
1. Location
, close to central area and uni
2. Price
3. Room for cosmetic fixes and rent increase
4. 3 units
5. Units themselves in decent shape
Issues and their pics:1. Some cracks in foundationthis is visible in the unit that has a basement. One crack can be seen outside
2. Basement Leak2 units are dry and have no visible leaking. Not sure where this is coming from. No inspection yet
3. Frost in one unit (2 bdr)Tenant in upper unit says that it gets very cold in winter and very hot in summer. Some inclined walls sag a tiny bit and gather frost apparently. Realtor says this is probably poor insulation and I have no idea what the cost for it
4. Fuse
I was told to stay away from electric using fuse boxes, is that valid? cost 4k to replace from what I understand
5.
Cracks in paintThey told me this is the house settling, it just need retouching, is it something more sinister?
SO. Is it worth it? . Are cracks in the foundation and a leak a red flag? I have cash for fixes, at least critical ones
