The property has had some work done on the interiors, though strangely, it’s mostly been larger “improvement” jobs while simple maintenance is lacking… So far we have re-roofed the building, gutted the overgrown landscaping and fenced both back yards, put up security lighting, fixed some plumbing and electrical issues and collected rent.

Hello, I have a 3-Family house in Albany NY under contract with a 2-car detached garage that cannot be used (roof is collapsing, structural issues).

Its not like a normal situation where you can say well it needs new plumbing furnace roof etc... because the seller will say yea but you can rent it out as is ...

How old is the roof and HVAC?

Should I have someone cut a hole in my roof to add an Attic fan?

Using this formula I calculated my father bought the home for 68,500, which I understand would be my basis.It’s now worth about 940,000.As for improvements, the house has new roofing, bay windows, marble entryway, new fence, new pool heater, sprinkler system, satellite dish, security system, and I’ll put in new flooring.

Part of the roof needs new shingles.

It would also have two pools (one on the roof and an indoor pool).

Unless they are things like energy saving appliances and bulbs, better windows, plugging insulation leaks etc...

The numbers are awful close to you just breaking even and any extensive repairs (ac failure, roof, etc) would then have to come out of pocket.