All,
I'd like some input on a triplex that I am evaluating.
Background:
Even though the heat and water is included in rents, the property looked like a big win: Home was built in 1908 as a triplex (not cut and carved out), maintenance appeared good and 49,900 list price with rents of: A - 475 (vacant), B - 475, & C - 400. The same day it went on the market, I was able to walk through Unit A and the cellar, and made an offer for the full price which was accepted same day.
On that first walkthrough, I noted a continual leak (~1drip/10sec) from a cast iron waste plumbing stack that I thought was coming from the toilet wax ring of the first floor apartment (easy fix). I also noted that the wood subfloor around where the stack came through was saturated with water, but not yet rotten, so I assume the leak has been going on for perhaps months, but not years?
The inspection which occurred Tuesday correctly noted that this stack is actually the waste stack to the second floor and roof vent for the house. Inspection report states:
• Budget Consideration/defect: Active leaks noted at Unit A toilet as well as sewer stack from upstairs unit. Cast iron has rust cysts and cracks present. Suggest licensed plumber review entire plumbing in central crawlspace area for needed repairs.After talking with the inspector, I think there are 3 separate issues:
1- Unit A toilet leaking from tank to bowl - easy fix
2- The 2" vertical stack to second floor has visible vertical crack
3- The 3" vertical stack to second floor has active leaks from above subfloor - likely cracked or failed joint somewhere in wall.
I am assuming that issues #2 and #3 could fail more catastrophically at any time and are high priority repairs. I really want to get back in it and see what the leak looks like when someone is running water / flushing toilets on the second floor.
Does anyone know how much a repair to replace the 2 second floor stacks would cost? I am assuming one would need to rip out the plaster walls and perhaps the floor of the second floor bathroom. This would mean that 2 of 3 units would need to be vacant for the repairs to occur?
Pictures from inspection report: