A friend of mine did buy something very similar to what you describe.He's a contractor/ metal fabricator / salesman...bought a broken foundation building in a small town in Michigan, Has rebuilt the thing to code including a kitchen ,with a good portion of barter work, and 3 years later is getting closer all the time.

A missing medicine cabinet, an unpainted ceiling, broken jets on a tub, etc.

Some broken joists were just that (turns out the whole neighborhood was built from very knotty native pine, and everyone has the same issue).

Here's one in particular that I've run some numbers on:10 units, $585 per month per unit in rentsale price $795kAccording to the ad:Scheduled Gross Income:$71,000 (my caculator must be broken 585 x 10 x 12 = 70,200)Net Operating Income:$54,060NOI seems a little inflated if you ask me (but you probably didn't :lol: )If you put 10% down ($79.5k) your loan amount will be $715.5kAt 8% the payment will be $5250/month.

What I stated is that it has not broken through yet.

There are some other things, pvc drain pipe from kitchen is broken from the sink to the sewer line, replace the gas water heater with a electric, a couple broke windows, storm door.

Our city is broken up in the MLS by area codes.

As soon as I had the support of my wife, it was like the chains were broken.

Heck I even have tenants move out without telling me that things are broken.

However, even though the lease says the tenant must do maintenance on the building, there are several deferred maintenance items (broken toilet, bad window seals, light fixtures).