Quote from @Jim K.: @Bruce Woodruff just knows enough to give you the bare basics about tile replacement, with a maximum helping of arrogance on the side.

You should do this in every room/every outlet.....now that you as the owner know about this deficiency you have to correct it (imagine a child gets electrocuted and the insurance finds out that you were discussing this on a forum?)

Kiyosaki11/8/201612/30/20231/12/20248Long Distance Real Estate InvestingDavid M Greene12/21/20171/11/20241/19/20249How to Buy Your First Investment PropertyRich Dad Team4/1/20141/19/20241/22/202410Start Your Own CorporationGarrett Sutton4/2/20191/23/20241/28/202411Investing For Income And Building Wealth In Real EstateRoger K.

Then you can deduct for deficiencies on your property.If you have a real estate agent have them do a BPO.

Dan K - I think you would not have had to install sprinklers because a 3 family is already R-2 (commercial) so maybe it wasn't a conversion of use per building code.

I may pick your brain at some point...lol 160 k for 500 sq ft on land you already own is seriously off-putting! 

Quote from @Steve K.: What do the comps say?

This is a VERY important deficiency you must take head-on with the highest of priority levels, no not this broker, your communication deficiency. 

@Chris K.

@James MeyerAs a realtor you would be classified as self-employed and therefore eligible to sponsor a Solo 401(k) - assuming you do not own or control any other business that has employees.Your employee deferrals are capped at $23,000, or $30,500 if you are over age 50, across all plans you participate in.