It’s in very bad condition right now and we’re trying to determine what areas we want to make nice and what areas we can get by with basic updates. 

New builds are more problematic for mold than old because homes go up quickly in all kinds of weather. i will not skip a home inspection.

years prior the business was evaluated at $5.5 million but in its current condition we purchased it for $1.8 million!

Diversification of your portfolio, both geographically and by property type, can spread risk and mitigate the impact of localized economic conditions.

Economic Factors: How do you think  economic conditions will impact our market?

Condition of Properties: It's understandable to feel hesitant about purchasing older multi-family homes that need a lot of work.

Or at least DM me info about the property, the address, condition, how many rooms in each unit.

However, I have a few concerns:Pros:Living condition: 1400 sqft → 1700 sqft with some boutique featuresThe rental market seems good in this area.Another property is added to my existing real estate portfolio, which currently includes two other properties.Cons:Interest rate: 7% - No guarantee of decreasing the rate, which means there might be no opportunity for refinancing in the future.The current home is too new to be rented out.People often say not to buy property in Chicago due to high taxes and low appreciation.There’s no necessity of moving since I have a decent primary home.Any professional advice would be helpful. 

And perhaps in that case, I am thinking to offer them cash for keys to vacate the property (After the property is vacated and condition of the property is verified) rather than hoping that this will get any better. 

I had the pleasure of spending two weeks in Bandon on the Oregon coast last year and the weather was great.