I'd also ask if an inspector would go through with me as to any code violations needed to bring the property into service.

The building codes were a bit more lax over 80 years ago .  

If you purchased a house at a steep enough discount, then you could just resell it without doing any work to it for a profit. 

Tough to find houses, even distressed, that can be purchased at a deep enough discount to fix and flip for a decent profit and then the value of the properties have been rising so fast that it's tough to imagine the rate being sustainable to justify an appreciation play.

Impact of Penal Code and Other Statutes12.

Even for a 6,000 sq ft building it is low.The question I would be asking is if the tenant is willing to fund repairs but how much are you discounting the rent from market in return??

@Matthew Paul I do have it stated in the lease that she has to send me notifications via letter and according to the laws of CT she is suppose to send me a letter saying she is withholding rent, call the housing board to come look at the apartment and deem something against the housing code and then put the rent into an escrow account.

I've seen so many newbie investors end up buying land that is unbuildable only to have sell it later at a steep discount once they realize they can't even afford to keep up with the taxes needed to keep the land.For future readers, one common way to evaluate and price land is through the Land Residual Method, which is pretty much a simply formula:Land Value = Developed Value (highest and best use after development) - Cost of DevelopmentIt requires a little work on the agent's part to dig into what the costs and potential developed value will be, but I wouldn't consider it rocket science.

As a real estate entrepreneur, you need to go one step further - buy these desirable properties at a discount to what their 'worth.'

I've just signed up and I'm working on finding the elusive Dutch BP members mentioned by Erik (searching by zipcode doesn't work for me, as the search form supposes 5215 is a US postcode, and as I'm not a Pro member I haven't been able to search outside of my "incorrect" US zip code ;)Has there ever been a meetup for Dutch BP members?