Old Homes
I am looking at an 1865 duplex in an area that is appreciating rapidly. Besides lead paint and asbestos, are there any major warnings about old homes for a new investor. 
I am looking at an 1865 duplex in an area that is appreciating rapidly. Besides lead paint and asbestos, are there any major warnings about old homes for a new investor.
Lead pipes and outdated electrical wiring come immediately to mind.
What are you trying to do with this property?
Plumbing, wiring, paint... all that stuff is fixable. The first thing that I look at is the foundation. Is the house bolted to the foundation, is there any failure... cracks, settling, etc. One of the problems that I see in old houses, is that there is no or little footing under big masonary fireplaces. I have spent years working on old houses. I have a lot of knowelege and a lot of tools. I can work all the trades. For the most part old houses are just a lot of work. You go to fix one thing that seems simple enough and open a whole can of worms. There was a reason that that little do-hickey was left like that. The last guy left it and I shouldn't have touched it either. Generally, it is esier to work on newer buildings. Why make life hard on yourself. Anything can be remedied with time and money... why start with a place that has the potential to burn these factors up? I try to pick my battles... pick one that is easy to win.
I live on the West Coast and I think about earthquakes. I was 45 ft. in the the air on scaffolding, restoring the facade on an old victorian in the middle of San Francisco when the Loma Preita went off in '89. I wouldn't deal with a place that had a funky foundation, my two cents.
I like buying and rehabing older homes ( my wife says its a sickness).
Usually the sellers of these houses are realistic about pricing and sometimes they will take huge discounts of the house because of the repairs needed which ads to your cushion whether your intentions are resale or rent.
I like to talk up my newly rehabed older homes to perspective Buyers/renters. "This is not one of those cookie cutter homes you find in the new subdivision. Did you notice the built ins and the detail of the fireplace mantle, how about those hardwood floors ect ..ect ..ect.. ".
This is a great way to start your investment career especially if you are handy.
The only points I would like to add to the previous posts is framing. I have had roof problems with older houses because of undersized rafters spaced wherever the carpenter decided to nail them. 2"X6" 24" oc what were they thinking?
Termites, carpenter ants and powder post beetles can ruin your day and your house. I have seen them in newer houses never mind a house that is almost 140 years old. Do a thorough inspection or have one done.
Best of Luck
JohnNH
i have yet to work on a home less than 40 years old - maybe this is because they don't need any work if they're new, but maybe not.
from old homes tho, as a previous post mentioned, when you see a small problem like some stucco on the outside that's chipped off and you see the mesh underneath - you think you'll just patch it and sell ilt. BUT you decide to peel some more back and see what happened and see all dryrotted/termited wood with water damage and a wall that needs completely reframed. and secured. actually, i have yet to see some "good" wood left in an old home. hardwood can be restored, but roofing and porches that slouch are hardly ever easy to fix. i always see beams that aren't straight - some damn near diagonal and nowhere near every 16". all 3/4" particle board is warped and needs replaced. every wall has asbestos insulation. door framing is off and doors don't shut easily if at all. fuses instead of breakers. knob and tube wiring. i could go on forever.
BUT, as also said earlier, you can get great deals if you speak to the owner and ask them about these things. they'll act like they didn't realize there was a BIG problem but they'll help you buy. most i've seen won't let me get an inspection - so i bottom them out on price to compensate for what i can't recognize myself on the walkthru.
take a shot at it and realize that small stuff you see yourself (if you don't know what underlying prob there may be) are mostly likely a lot more complex than they appear.
Other than foundation / flooring issues, which are even common with new homes, the major items you will come across are the hvac, electrical and plumbing upgrades. I have replaced doors and had a few problems matching older trim.........but for the most part it exciting watching the house come back to life.
Depending on the area of the country you live, builders of older homes were true tradesmen, the structures typically held up well. It wasn't until after WWII where we got into the mass production models did we start having problems.
I have found alot of people love to look at older homes but have to be educated with what they are buying. The ones that do buy them typically are a pleasure to deal with..........not as nit picky about things.
I do suggest that any older home be inspected by a professional to keep hidden surprises to a minimal.
gl
NC
As a Home Inspector in Pennsylvania I see quite a few homes in the range of age you're referring to. There are so many things that could be a major concern that I agree with yankNC that a professional home inspection is the sensible way to go.
You may want to check with the local historic society. Some properties that are of a certain age, must be rehabed to their specifications, to keep their "charm" and "historic presence" in the town.
[addsig]
Bought a two family for my personal residense and my first home. Considered it in move in condition(young and inexperienced!) I decided to make all repairs before I moved in to avoid having the difficulting of stuff in the way. Boy am I glad I did! The more work I did the more problems I noticed! All the walls had to scraped down to bare plaster, patched, sealed and painted. 75+ years of wallpaper and paint! One right on top of the other, over and over!
What a nightmare! After three months of re-hab almost every night after work and week-ends I finally moved in! I am much wiser now on what to look for when walking through a potential re-hab property!
Good Luck!
Sickdog
Thank you for all the great responses. The plumbing and electrical were redone 8 years ago. I do have contingencies for clear CL100 and satisfactory inspection built into my contract. Unfortunately most fixer uppers in Charleston SC are all old. I wish I could find a newer rebhab
Thanks
we just purchased a house that is only 56 years old, a baby compared to yours, and i would start making calls on insurance. the premiums will be higher and the insurance company has given us 45 days to do a ton of things that we weren't planning on doing yet! example: the inspector said the roof has at least 2 years left and the insurance company is requiring a brand new roof now....this is an expense we were hoping to put off until needed....so do your homework!