If it has less than 50 year old electrical, 70 yr old plumbing, 20 yr old HVAC and the finishes are being replaced every 25 years, you could be stepping into a gem….but that is rare.

Lots of cool new construction in pockets next to older vintage style houses etc… my gps kinda took me on a weird windy turn off 65 somewhere… but anyway, I’m just saying that your market is intriguing.

Both of those are not as easy fixes being they are requesting every window to have a new screen and the shower is a vintage claw foot tub so the parts are difficult to obtain and expensive.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $460,000

Cash invested: $71,000

Hidden multifamily... I purchased a 4 bed 3 bath house which from another in...

There should be sales comps of recently transacted properties of similar size/vintage/quality.  

Have seen a huge amount of growth and its one of the hidden gems (not much anymore) around the US. 

In Dec. 2019, the neighboring property, a 100-unit property, (exact same vintage as my deal) sold for roughly $120K/unit or 6.3% cap rate.

I would give David Greene's book, Long Distance Real Estate Investing, to every one of your investor clients from OOS.There are so many gems in that book that answer your question.

We found that gem by knocking on neighbors doors inquiring about the other.

There's a thread on BP from 2016 with lots of discussion, including numbers and about the questions you're asking.The one I did was 90's vintage.