My girlfriend and I came across a duplex built in 1959 to rent and we were wondering what investors typically set aside for future maintenance and capex on properties that are almost 60 years old.

I do not know how to come at the owner with interest in buying said property, would like advice on what is a good direct letter to send to them to show interest,clearly they have not kept the property up at all due to high grass etc.. any advice would be helpful OH by the way I’m broke!!

Your purchase price should maybe be +/- $2000 from the appraisal price, but typically you should pay the appraisal value.Everything should be in-house - rehab work, management, etc - a turnkey company shouldn't be making you sign a contract for a third party management company because then they aren't really accountable to you long-term, the PM is.Beware of scarcity or scare tactics in sales.

That said, there isn't a TON of inventory and most of what is available is typically in the 8-12 unit range in a higher risk area.As for neighborhoods, I'd prefer not to post too much publicly as the area is rather geographically large and it's hard to get to specific.

Typically you’d use private money to buy and rehab this type of property and then refinance with a conventional bank

Active investors will know how to get that info or at least give you typical numbers.

a sage green will typically work with that color of roof, but you need to accent it and more than just the door, shutters and trim.

These loans are tough to get and typically are lower leverage 30-50%.

Due to the tax consequences James mentioned (and so long as you're only doing so infrequently), it typically makes the most sense to hold for at least a year to at least hit the capital gains tax qualification.

They generally say they are foreclosed, or they are easy to spot, with typical language.