The inside layout was not friendly, both the 1st and 2nd floors needed a complete rehab, electric, plumbing, layout - EVERYTHING.  

There are mushrooms growing in spots also (see photos).When looking through the windows I can see where the water is leaking from the refrigerator plumbing and looks like some of the hard wood is starting to buckle and the trim has absorbed some water.

In my case, the required work was the plumbing, HVAC and electric.

Asking price: $245,000 - reasonable for the areaEstimated Monthly Rent under current leases: $2500.00 - on the low side of the range for the area but the tenant base is long term and stableAnnual Taxes: $5000Annual Insurance - Unknown/information requestedUtilities - Unknown/information requestedBuilding Owner pays for alarm monitoring,electric and water bills - have asked for monthly cost averages but do not have yet.Individual tenants pay their own internet and phoneDescription: 2400 sqft, brick building with a 10 space parking lot, good location Known upcoming repair is HVAC for the downstairs (est $5k), upstairs HVAC has already been replaced.Thank you for your time as well as your opinion on this deal, recommendations for additional questions, additional information etc. 

The house has all new electrical, new wood flooring with some bamboo flooring in a few rooms and other than that not much else needs to be done.

The house has all new electrical, new wood flooring with some bamboo flooring in a few rooms and other than that not much else needs to be done.

You could have a 120-year-old property that owner pays Gas electric and water, and the property is constantly needing major repairs.

There are a lot of areas that allow work on your own owner-occupied home, but if you are working on a rental, flip, or similar non-owner-occupied house, you need to have licensed tradesmen do plumbing, electrical, etc.Ran into this issue while flipping a house in a small town in NJ.  

I would do the plumbing, electrical, kitchen and bathroom finishes, flooring etc.

Here are the numbers:Asking Price: $175,000Taxes: $5617 per yearInsurance: $1950 per yearWater and Sewer: $1770 per yearTenants pay electric.