They have oak hardwood floors, 6" mop boards with pretty base cap, mahogany doors, 11 windows in each one bedroom apartment most of which are still in decent shape-- that old wood is HARD-- if the windows haven't been painted, we pull the stops, re-rope the windows and then use screws to replace the stops and call it a day.

If it's your buy and hold or the home you live in, once a year walk around your home and check around all windows and wood trims and make sure the caulking is good.

.** Purchase & Rehab **Purchase Price: $85,000After Repair Value: $110,000 (the tax assessment was even higher then this but hoping to refi and pull as much equity out as possible, unsure of how the city and bank assess the property and if it's different though, I need to look into it more)Purchase Costs: $2,550Rehab Costs: $2,200Down Payment: $17,000Total Cash Needed: $21,750** Financing **Loan Amount: $68,000Loan to Value (LTV): 80%Loan Term: 30 YearsInterest Rate: 3.75%Monthly Payment: $315** Cash Flow (Monthly) **Rent: $1,250   (possibly more this is on the low end for 3 bedrooms, and even lower for a stand alone house, but trying to be conservative in that the house is on a really small plot of land and has a cliff on 1 side)Vacancy: -$63 (5%)Expenses: -$339 (28.6%)NOI: $848Mortgage Payment: -$315Cash Flow: $533** Returns & Ratios **Cap Rate (Purchase Price): 12%Cap Rate (Market Value): 9.3%Cash on Cash Return: 29.4%Return on Equity: 14.2%Return on Investment: 105%Internal Rate of Return: 105%Rent to Value: 1.5%Gross Rent Multiplier: 5.7Debt Coverage Ratio: 2.7I had budgeted for 6k for renovations but realistically it probably only needs 2k, it's basically perfect the way it is right now just a tiny bit dated in that it has oak cabinets and wood grain molding.

Call when you're in our neck of woods, we're always willing to visit with investors! 

Half being woods and half being cleared land with the cleared land directly facing the road.

I heard of one cutting a hole in the living room ceiling and roof , then had a  bon fire in the living room for heat, using the kitchen cabinets for wood.

I'm also of the personal opinion that the beige paint / traditional wood-look floor color scheme is a bit dated for flips.

The Norway rats from the woods climbed up the vertical siding into the hole and gnawed their way through the wall cavity and into the attic.

Hey all,My partner and I are looking at buying our first investment property (a three-family) in Worcester and trying to estimate CapEx for repairs.The house we are leaning towards is pretty solid- we see around a 7-8% cap rate with the in-place rents and it is fully tenanted.However it needs extensive repairs on the siding around the back side of the house, as well as some general cleanup of the backyard/driveway.It’s clear the current owner has not cared to take good care of the property as there are several minor repairs needed inside the second unit in addition to a big pile of trash in the back yard, plywood in place of siding in one section of the house, and several boarded up windows and doorways that appear to be remnants of a section of the house that was removed - likely a previous back porch setup for each of the three floors.There also appears to be asbestos underneath the wood siding - I’m not sure if this indicates we might need to remove ALL the siding and asbestos and redo the entire exterior or not.I haven’t measured the exterior yet but will be doing so this week, I’m just wondering if anyone has advice on what to expect or how to ensure we don’t get screwed by contractors if we do move forward with this property.

Property in question - 2ac wooded lot, no improvements;Property intended use - mobile home rental propertyI understand the judicial redemption rights, adverse possession, and the tax payers termination of redemption rights.