Obviously there comes a time to do a full replacement (you don't want to risk a major leak/damage to the interior), but if you can spend $500 now and get another 5 years out of the roof as is, that might be a good business decision. 

@Charlie Fitzgerald  plus qm requirements@Chris Majors   In 10 years time trailer could be   Past functional life.  

The thought behind these questions is this - if the company is a major player in your market, and has a location that draws people in (walk-in traffic) and you have the opportunity to take shifts "on floor" to work with those walk-ins, it could be best to be there.  

He owns free and clear, just last year performed major rehab and updated the house.

Code and damageds homes could be court house or police department or a seperate code enforcement office all together.

Can anyone tell me some major pros and cons about this?

I'm new to running this type of analysis so bear with me.In calculating the NOI, I've seen examples where the major expenses (taxes, maintenance, insurance) are still counted as an expense to the owner (even though commercial leases are typically NNN) and then it's balanced out by a line item to the income for 'tenant reimbursements' which is essentially the tenant paying the owner back per the NNN.Every example I've seen has the tenant reimbursements be exactly equal to the expenses such that it's a net zero to the owner.

Check with your local permitting department.  

I'm in Nova Scotia , close to several major universities.Cheers,

I agree about the sticker shock checking things out online but with the vast majority of properties here 100 years old, and most severely neglected, the maintenance and heating costs alone are absurd and almost every one will need a new roof, foundation work, lots of electrical work and more significant repairs that just make it a nightmare and the low prices not worth it in the long run (in my opinion and those I've talked with in the business up here).