It may be a big upfront cost now but if you plan on holding long term you will make your money back in a few short years, the property will be worth more to another investor should you ever decide to sell, and you monthly/yearly + cashflow will be substancially more.WIth so much trapped equity you could pull out just enough to seperate the utilities and maybe by another apt. building or say 2 quads?

Im sorry but college universities are a highly overrated and a trap for most!!

OTOH, there's a lot of small stuff we can do on our properties that an apartment complex would be paying for.But don't fall into the trap of slicing this 50% into a bunch of pieces, then nickel and diming each piece lower and lower.

I also bought a house in Memphis, TN last year, same thing, Home Inspection and Appraisal.A little extra advise, don't fall into the trap of a "hobby" Real Estate Investor.

Tenants and owners need to know that abrasive cleaners can't be used, only soft scrub types, and that mats need to be lifted so as not to trap water against the reglazed surface.Some of the big complexes use this method, its a lot cheaper than replacing tubs, ceramic walls and countertops.We've used it primarly on properties that we're selling were there are out of date colors like pink tubs, green tubs, etc. typically from the 1950 to 1970.

If moisture is trapped under that slab it will wick up through to whatever is on top of it and you will soon have more mold issues.

So ironic I can't afford to work the job I love and the job I think of as the mouse trap was built complete with a quicksand pit.

In all honesty, my only problem with older 'trailers' is that they can be death traps in a fire.

Therefore, you're paying $30-$35,000 for the house or more.....the discount price is illusory as some of the "price" is trapped in absolute major renovation.Good luck.

Something that might help with this is to trap the sound in the pipe by making sure all exposed pipes are framed in and covered with double layers of sheet rock and green glue.