When you post "cash only" or "cash or 203(K) only" that's a sign that there is something really wrong with the house that would prevent traditional financing.On the surface, the photos are deceptive.

When we remodel we go with hard surfaces that are easy to clean, last longer than carpet and don't hold smells, and then allow pets.

Smoke smells are hard to remove, so tenant pays for walls and ceilings to be repainted, HVAC and filters to be professionally cleaned, all surfaces to be professionally cleaned, new carpet and carpet pad.

If it's a cheaper paneling with a fiber board base and a laminate wood surface, it won't take much moisture for it to warp- that kind of paneling isn't even supposed to be used below grade because of it's high reactivity to moisture.

In addition to removing lower portions of walls, I recommend Kilz stain/odor blocking on all surfaces, even the ceiling. 

On the surface it sounds like you will be ok.

On the surface, that sounds like a good opportunity.

Louis, adjoining blocks can be entirely different worlds. 

From the surface this seems like a pretty great deal, almost too good to be true.

The property is an big old house and it's adjoining carriage house in Elmwood and has a total of 7 units.