The property is livable, but I am account for a pretty significant turn in 4 - 7 years of paint, flooring, and any miscellaneous repairs that the inspector could have missed since it was occupied.

Quote from @David Robert: Quote from @Jaycee Greene: Quote from @David Robert: I recently became aware of a very cheap property (roughly half of after repair value) and upon looking at it in person I found out why it was so cheap: there is severe cigarette damage throughout the 1st floor (basement less so, but not entirely without damage); there is visible dripping tar on every wall and the smell is awful.

I really did get lucky, due to him being in the process of making multiple updates to the floor and cabinets.

Quote from @Heath D Wallace: Quote from @Nick Rutkowski: @Heath D Wallace Cats can damage your property if not maintained correctly, if your apartment has carpet then cat urine is can get soaked in it if the cat pees on your floor.

If you are both not fully on board, your spouse will resent you because this was not his/her idea and you are still living on concrete floors or sharing 1 bathroom, etc. - just the inconvenienced existence of fixing up one project at a time.

In some areas, we board up the 1st floor windows until we are about to start marketing the property.

After the sale, the new building inspector says that the property is not Zoned for 6 residential units, and the 2 units on the first floor were converted from Assembly A occupancy to 2 Residential units without permits and permission from the city.

We refinished Floors, New paint on all walls and ceilings, new light fixtures, rebuilt entire back deck, painted entire exterior, trimmed large oak trees where branches were hanging over the roof.

New kitchen, countertops, appliances, flooring, demo, new bathrooms, paint, etc.

The good news is that there are plenty of investors who would be interested in the property as-is and even more investors interested if:- The property is in an area they are familiar with- The property is in a desirable area- You are deep into the eviction process (it seems as though you are)- You can deliver 1 unit/floor vacant (this could happen before closing)That said, if you can keep it, I'd say do it.