The problem is the foundation is sinking, the outdated polybutylene pipe is leaking in the crawl space and the electrical is outdated.

Hey Lenny,Love to see that you also got the Real Estate bug so youngI recommend a BRRRR/house-hack for your first oneBuy a place that you can live in with a low downpayment, fix it up, and then you will have the option to 1) Refinance and live in it2) Refinance and rent it out3) Sell and do it over again4) Dont refinance and continue to live in it5) Dont refinance and rent it outYou will have a ton of flexibility and the safety of knowing you have a place to livePlease reach out via DM if you have any questions moving forward.

Jonathan, if you want some knob and tube wire for your electrical museum, it's got that too...I'm out of my depth in knowing whether they are marketers or giving sound advice.

This is calculated after accounting for all expenses, including taxes, insurance, utilities (water, sewer, garbage, electric, gas), and an allowance for maintenance costs (typically 5% of gross rent, adjustable based on the building's condition), as well as management fees.I invest in the Binghamton, NY area both as an investor and as a realtor.

Upon move-in, appliances, cabinets, floors and walls all had built-up grime and residue from your habitation of the home.Infestation of bugs, pests and rodents-There was no attempt to treat the house for pests, as evidenced by the more than 15 spiders we have already seen in the basement, and the live, active wasp nest in the patio fence.Floors, stairways and railings in poor condition-The carpets are stained and smelly.

If you have the electrical capacity and the drain I would spend the $1600-$1,800 to buy the MUCH nicer ventless GE or LG all in one units.

Permits are basically only pulled for electrical and plumbing of if they get caught.. its the only way to make the rental houses cash flow in many of those markets.On top of that licened contractors many times simply wont work on those type of properties there is no money in it for them..

I then hired contractors for plumbing, electrical, roofing, and HVAC upgrades.

I then hired contractors for plumbing, electrical, roofing, and HVAC upgrades.

Purchase price: $630,000 Cash invested: $120,000 Gutted this property, brand new electrical, furnace, propane, finished basement to create separate unit.New garage with rental unit.