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(copper, no knob and tube);Roof was done around the same time - so roughly 15-20 years old.Garage was built in 2001.Furnace and ACs replaced in 1999, but still working fine - nor repairs needed over last couple years.New new windows, not the cheap vinyl onesOverall, the house seems to be well-maintained and in great shape.

I'm not sure how the insurance market is in CT but it's something to consider, especially if the carriers have a similar inspection process.Things like knob-and-tube wiring, often found in homes from the early 1900s is considered dangerous and a fire hazard and should be replaced.  

Or was it that it’s an old box, fuses or knob and tube wiring, etc?

I like fixer uppers but do not want anything else with asbestos, boilers, or knob and tube wiring.Nor do I want anything else in poor rental markets.

Here is how I am estimating the financials for the short term for the building - both units together:Monthly Rent: + $2125 Mortgage, Taxes & Insurance: - $907.17Vacancy Rate: - $340 (this is likely inflated as there should be no vacancy for the bottom unit)Repairs: -$106.25Cap Ex: -$248.89 (everything looked to be in pretty good shape, at least 1/2 life left during the home inspection)Water / Sewage: -$120I'll be doing my own property management, lawn care, etc. at least in the short term.Total Cash Flow: $402.69 I believe the cash flow has a potential of reaching $619.94 / month once both units are renovated.Here's the rub - Found old knob and tube living wiring during the home inspection, one spot in the basement and a bunch in the attic w/ open splices.  

Thats a economic test tube that noone can possibly claim to know whats going to happen.And even if you buy there, how do you know the area you buy in will turn up even if the city does turn around.  

And decided my nitch(small multifamily houses(2 - 4 units)), reading books, blogs and attending webinars on BIGGER POCKETS helped me a lot to make decision.Steps followed after OFFER accepted House inspection on Jan 10 2017, cost $325Removed the Conditions after making sure that there are no RED FLAGS in the house, and confirmed with mortgage broker as well, to make sure I get qualified for this house.Immediately, contacted a lawyer to start the legal process Then, got quotes from 3 different local contractors to renovate.Contacted multiple insurance companies(who insure knob & tube), finally got for 144 per month with THE COOPERATORS (http://www.cooperators.ca/).Closed on March 1st, couple of hours ago i got the key for the house.

(In case you're curious, in two hours we scored a new volleyball, several phone cases, a two-person inner-tube, cheap jewelry, two boogie boards, and a very nice leather couch missing one leg.

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