No Real surprises during the home inspection of the recently-mine apartment building. Sometimes the money you shovel out for a good home inspection is worth its weight in gold. At a minimum, I don’t mind walking around with the guy making sure I know what he is talking about.
The total for the inspection came in at $450, but that included 2 of everything (furnaces, hot water heaters, etc…). The guy was talkative and knowledgeable. They are not always like this.
I also liked that he said he owned several rentals himself. A fact like that makes him more realistic about what I will really change. The plain truth is that there is a difference between your home and an investment property. One is your baby, the other is a red headed step child. Sure you take care of it, but you don’t fawn over it every time it uses the potty correctly.
The overall report was good. By the time you read the written report there is a ton of CYA disclaimers that make everything seem worse than it really is.
The bones are solid. The building is from the 1800’s. It used to be a hotel so there are some strange layouts, but it was built to last. Some joists were cutout to replace a radiator heat system with a gas furnace. But the joist are monster 2 x 8’s so more sturdy to begin with. Dry basement with very high ceilings (10 foot).
The roof is metal. This was what really attracted me to this building in the first place. Good to go for decades more. Sweet stone chimney, but alas all fireplaces have been walled up.
Newer vinyl siding and windows, only one broken pane.
Attic is sorely lacking in insulation, maybe someday I will get the blower up there, but I do not pay the utilities – so back burner.
Doing some mortar work shoring up the basement walls and bringing the attic up to snuff are the 2 long range projects here, the rest is make a list, cross it off the list kinda stuff.
Furnaces and water heaters are not too bad (a 2003, a 2008, a 2011, and a 2019)
I will call THE GUY to come and service the HVAC stuff.
One major issue will be replacing a sub-floor next to the bathtub. The floor is spongy, likely from rot. Will have to take the toilet out first but I am pretty sure me and my handy cousin can tackle this one.
Electrical needs some update but both panels are from post 2000.
They did a really good job on the wood floors. That about makes for a wash with the fact they put in a drop ceiling in about half the rooms (to disguise the vents for the gas furnace system). I hate drop ceilings.
GFCI outlets are present where needed, but some of them don’t trip correctly. I can do that after a trip to Home Depot.
I figure I need to spend $400 on guys who know more than I do.
Then a good weekend of work from me and a friend or two.
Spend about $300 at the big box store and we are up and running.
Little nips here and there; missing vent cover, missing romex connectors, some caulking outside, some trim work, a jenky railing, 1 missing junction box, a toilet not bolted to the floor, sink sprayer not hooked up.
OK maybe two weekends of work. Stay Tuned.
The Home Inspection is Part 4 of ‘Rental Property‘
Check out; Running the Numbers
and Zoning Red Tape
More from the Rental Property series;
The Home Inspection
P.S. After speaking to the previous owner and checking myself, there is sufficient insulation in the attic so cross that off the list!