I placed a bid on a triplex. They accepted our offer. Contingent upon financing and a more thorough home inspection.
Today I made it over to the three unit, brick ranch again to further inspect. 2500sq ft with 3 units. Roof, windows, soffit, gutters new in 2010. One unit all new carpet and paint. All three bathrooms remodeled last week. Electric heat and water heaters. Attic looked good. Despite only seeing roughly 5-6" blown in insulation, two of the tenants told me their electric bills are really not bad. $70 in summer and $100-120 in winter. Guess I won't worry about giving them anymore insulation.
Foundation. No major gaps in the mortar. Some cracks from the windows to the bottom of the mortar on an angle but no mortar falling out. It was built in 1970. If this was an issue i was concerned with I think it would be much worse in the span of its 44yr existence.
Crawl space? Roomy enough to sit up in and work. Floors looked dry and had insulation under them. Main floor beams look solid. I didn't have to crawl through any standing water or really even much water at all. There was no sump pump either so I assume it does not flood. Didn't appear to have any signs of flooding. There are plentiful amounts of vents which are all closed. What concerns me was the band boards on the north end. Floor joists run east/west. So the north end seal plate and band boards are accessible without trying to patch between floor joists. The south end had "Some" moisture but not any rotten wood. The north end I feel I will need to replace at some point in the next few years. I don't really think it would be something I needed to do right away as it has taken 44yrs to get to this point. I guess the real questions are: How did the rot begin? My best conclusion is simply condensation over time. The north end is probably worse because it never sees sunlight. Maybe they never open the vents? They are all closed at the moment. Fixing or replacing the rotten boards will be more time consuming than materials expensive. This doesn't "sound" like a huge issue but sometimes they become bigger issues than you anticipate. How to prevent future condensation/moisture in the area?
Anyone have suggestions? How to stop the moisture? How to prevent it in the future? Dehumidifier is out as I didn't see a drain in the footer anywhere while crawling the perimeter. They won't drain uphill. Maybe some circulation fan of sorts? Maybe leave vents open all year? Doesn't sound logical but if it keeps a more ambient temperature this might be the solution?
Overall, I don't think it will be a deal breaker. There is a strong positive cash flow. Overall structure and property does not appear as if I will have any other "major" expenses for the next 10yrs or so. I expect a door, carpet, paint, leaky faucet, screen door replacements, water heaters, etc., as normal maintenance from time to time. Roof, windows, bathrooms, kitchens are in good shape for a bit.
Today I made it over to the three unit, brick ranch again to further inspect. 2500sq ft with 3 units. Roof, windows, soffit, gutters new in 2010. One unit all new carpet and paint. All three bathrooms remodeled last week. Electric heat and water heaters. Attic looked good. Despite only seeing roughly 5-6" blown in insulation, two of the tenants told me their electric bills are really not bad. $70 in summer and $100-120 in winter. Guess I won't worry about giving them anymore insulation.
Foundation. No major gaps in the mortar. Some cracks from the windows to the bottom of the mortar on an angle but no mortar falling out. It was built in 1970. If this was an issue i was concerned with I think it would be much worse in the span of its 44yr existence.
Crawl space? Roomy enough to sit up in and work. Floors looked dry and had insulation under them. Main floor beams look solid. I didn't have to crawl through any standing water or really even much water at all. There was no sump pump either so I assume it does not flood. Didn't appear to have any signs of flooding. There are plentiful amounts of vents which are all closed. What concerns me was the band boards on the north end. Floor joists run east/west. So the north end seal plate and band boards are accessible without trying to patch between floor joists. The south end had "Some" moisture but not any rotten wood. The north end I feel I will need to replace at some point in the next few years. I don't really think it would be something I needed to do right away as it has taken 44yrs to get to this point. I guess the real questions are: How did the rot begin? My best conclusion is simply condensation over time. The north end is probably worse because it never sees sunlight. Maybe they never open the vents? They are all closed at the moment. Fixing or replacing the rotten boards will be more time consuming than materials expensive. This doesn't "sound" like a huge issue but sometimes they become bigger issues than you anticipate. How to prevent future condensation/moisture in the area?
Anyone have suggestions? How to stop the moisture? How to prevent it in the future? Dehumidifier is out as I didn't see a drain in the footer anywhere while crawling the perimeter. They won't drain uphill. Maybe some circulation fan of sorts? Maybe leave vents open all year? Doesn't sound logical but if it keeps a more ambient temperature this might be the solution?
Overall, I don't think it will be a deal breaker. There is a strong positive cash flow. Overall structure and property does not appear as if I will have any other "major" expenses for the next 10yrs or so. I expect a door, carpet, paint, leaky faucet, screen door replacements, water heaters, etc., as normal maintenance from time to time. Roof, windows, bathrooms, kitchens are in good shape for a bit.