We can't get another mortgage to move out of the commercial building right now, and year lease rentals are basically non-existent in our area (at least ones that are the size we need).

Completely new kitchen, bath, high efficiency HVAC, new water heater, everything freshly painted, re-finished existing hardwoods.

The forecasted future IRR may be fine and continue to meet an investor's criteria...but most investors do not subject their existing portfolio to the same criteria as their acquisitions. 

The minus is most are 250k buy in & 2 year commitment.  

It seems like the existing multifamily population in my area is split, with some offering W/D and others just the hook ups. 

The first line of the Legislative Counsel's Digest includes the following: Existing law specifies that a hiring of residential real property, for a term not specified by the parties, is deemed to be renewed at the end of the term implied by law unless one of the parties gives written notice to the other of that party’s intention to terminate. 

The first line of the Legislative Counsel's Digest includes the following: Existing law specifies that a hiring of residential real property, for a term not specified by the parties, is deemed to be renewed at the end of the term implied by law unless one of the parties gives written notice to the other of that party’s intention to terminate. 

It really is an amazing space, probably one of the last property types yet to be institutionalized but it's coming - public REITs own less than 3% of the existing stock and its estimated only about 15% is owned by private institutional investors. 

You could simply find a different property.If the existing drains were filling the sump fine and the existing sump discharge line was discharging far from the house in a down hill direction and the only problem was that the existing pump had failed, then I probably wouldn't be worried, I'd simply ask the owner to buy a new pump before closing.

They know the longer they are in existence the higher their cap ex estimate number will become, but they still estimate based on their past actuals knowing it is under estimating the life time cap ex (and yet I still claim they are one of the more reputable in part because they are honest about how they derive their maintenance/cap ex numbers and if you ask they will admit that long-term it is under estimating the real cost).