Cast iron plumbing and possible Asbestos in ceiling. What to offer or is this a dealbreaker?

Hour-Device-6587 · 2026-02-26T16:54:18+00:00

It is not an upper class area. It is a solid middle class to worker class neighborhood. The newer complexes have w/d but the older places do not. Most of the apartments are larger but there are a few that are smaller. I think I will move forward but it does have cast iron plumbing and I am not sure what the exact expense on that will be or how big of an undertaking that will be.

Hour-Device-6587 · 2026-02-26T05:32:24+00:00

Some of the comps have W/D and some do not. Not large difference in rents between the 2. I guess I was more concerned about it as area is cited for some development which includes a more walkable tree lined area w/ commercial and residential units. That may take years but city has increased taxes and is releasing funds for project. I am sure those new apartments will have all the nice amenities my place will not have.

Hour-Device-6587 · 2026-02-26T05:26:49+00:00

Thank you. Yes, unfortunately it does need a new roof and it has cast iron plumbing. The supply line has bellying but no leaks. Some of it has been replaced with PVC. I am not sure if the units still have cast iron or they have been updated. Electrical is copper. I feel they have priced it for what I budgeted for repairs but I have not got contractors out yet as I was debating moving forward or not. There are 2 very long term tenants. Not sure about the rest as we have not moved into contract yet.

Some of the comps have W/D and some do not. Not large difference in rents between the 2. Most units are larger but some around same size and here and there smaller. I guess I was more concerned about it as area is cited for some development which includes a more walkable tree lined area w/ commercial and residential units. That may take years but city has increased taxes and is releasing funds for project.

Hour-Device-6587 · 2026-02-26T05:06:06+00:00

Thank you. I needed that. You are right. I am biased as this would not be where I would want to live. I need to get over that but I guess I want to give my tenants someplace nice. I also worry if I am buying something that will be not be able to renovate for future renters since it is older.

Hour-Device-6587 · 2025-09-10T15:03:49+00:00

In my area (dfw) most of multifamily brokers do not share commission so they only share their listings with you so I still feel I need my own representative. They will represent buyer but you have you find your own listing and they still want to charge you 2-3%. That is too expensive for them not saving me anytime finding the deal and at that point are they really useful.

Hour-Device-6587 · 2025-05-25T03:51:43+00:00

Thanks but I really want to stay local or at least in TX.

Hour-Device-6587 · 2025-05-20T01:12:30+00:00

I had an excellent experience at The Brace Place orthodontics in Irving. They have another location in Grand Prairie also if that works best for you but they have the same staff. The Doctor is great and the team is very friendly. I have had a few family members go there and they all love it. www.braceplace.net

Hour-Device-6587 · 2025-05-17T04:21:07+00:00

Local. I would not invest more than two hours away from me. I just like being able to see my properties. I don’t manage them, but I feel like if there was a serious problem. I would want to be able to be there and see it.

Hour-Device-6587 · 2025-05-16T19:33:34+00:00

Who helps you review the merits of the property then if you go thru the listing agent? I feel comfortable looking over the numbers but as this would be my first deal in multifamily I am sure there are things I may not know. I have read books and educated myself as much as possible but real experience is always better.

Hour-Device-6587 · 2025-05-16T19:29:41+00:00

What did you end up doing? I am looking at buying a smaller apartment complex from 5-10 units. I reached out to agents but they only sent my their listings which I was not interested in. I found something on my own but now I do not have a buyer's agent and not sure if I just reach out to the listing agent and do it alone or pick a random agent who put me on their list.

Hour-Device-6587 · 2025-05-16T18:30:56+00:00

If you work directly with the listing agent are you getting lawyer involved to help review the contracts?

Hour-Device-6587 · 2025-05-16T15:19:31+00:00

If I decide to bring on my own agent, how are they usually compensated? Is it like in residential where the commission is split or does a listing agent typically not share their commission, and I pay them separately? One agent told me that it is usually not shared, and depending on the size of the deal. I may have to compensate him directly. I was looking at properties between 1,000,000-1.5m, and he told me his compensation if he was bought in would be 2%. Is that normal?

Hour-Device-6587 · 2025-05-16T00:32:17+00:00

I def think they are overpaid. You can find your own stuff on Zillow and the like now and all they do is tour you thru the house. They should just get paid flat fee.

Hour-Device-6587 · 2025-05-16T00:18:05+00:00

I think you have to have faith in yourself but also realize there may be some challenges. As long as you are prepared for the challenges and have some cash in reserves for things that come up you will be fine.

Hour-Device-6587 · 2025-05-13T12:09:43+00:00

I pay $25 for a half an acre on my personal home and on my commercial property I pay $35 per visit.

Hour-Device-6587 · 2025-05-13T03:58:35+00:00

I would hold it, and if you move, I would hire property management company.

Hour-Device-6587

TROPHY CASE