You really have:- Roof- Plumbing- ElectricalI replaced a roof the other month on a 1931 built brick Tudor for $10,500.

(would have had zero equity if site built)Will post pictures soon, feel free to ask me questions

I built our portfolio slowly, in part because it’s difficult to buy with discipline in an undisciplined market, but also in part because investors didn’t choose to invest with us because our projected returns weren’t as attractive as other groups.  

So you're entire premise is built upon seller being dumb....Not to mention handing it over for near market value, with an amazing rate in place, and property condition being turn-key, and seller not having any hidden issues say an IRS tax lien or what not, and, and, and..... 

This is wildly untrue in Allegheny County, PA, where the absolute best-built single-families went up just before the Great Depression and the shoddiest tract builds in the county went up from 1970-1990.

 - Cashflow is ~2K/month and leverage is ~60% (equity being 40% of current value)Accumulation goals:In the next 2 years, our plan is to buy lots and have duplexes built by a builder we have existing relationship with that takes care of the whole process without too much of our involvement. - Buy 6 additional duplexes.

There's chipping paint on the foundation outside.

We could get a new car and do something fun with the money but that would just be wasting the equity we have built up...bad idea.  

I wouldn't worry as much about the age as I would what it would cost, how much it would rent for, how well it is built and when major repairs will be needed (ie how long will the roof last).Also for the two-are they both condos (ie strata/condo fees) or is one freehold and the other a condo (ie one has condo fees and the other doesn't)? 

Don't ask, unless he just built all of this and it is fresh on his mind.