We would probably need to put at least $3500 into it now to redo the plumbing.

We would probably need to put at least $3500 into it now to redo the plumbing.

Soft costs are:  architectural, engineering (structural, mechanical, plumbing, electrical and civil), real estate taxes, appraisal, survey, insurance, permit fees, miscellaneous, title, legal, and construction interest. 

He has now ventured into learning trades and has experience with carpentry, plumbing, HVAC, and natural gas.

I started working in the trade doing construction and plumbing on my summer and winter breaks from college. 

It is going to need new plumbing, electrical, sheetrock, tub, vanities, hvacs, flooring, framed doors, door handles, cabinets, sinks, trim, and the exterior will need at least scrapping and painting, probably lots of rotten wood.Just the plumbing and electrical is going to be about 25k.There is a reason that the property is still on the market after almost 2 months.

I came across your post and with my knowledge of plumbing from NYC it sounds like you definitely have a leak .

It can be plumbed to do that but I suggest against it.

Keep enough savings for several months of problems with rent and access to money in case something big happens (eg new roof, plumbing problems, appliances in two units break at the same time).

Any broken pipes have to be replaced but you should go through the additional expense of upgrading the entire plumbing system to pex because it is more resilient in cold temperatures.I know politicians and media claim the earth is heating, but I am expecting more cold weather in the next ten years and people should prepare for it.