[quote=cv2]Hi urbanrealtor, the article mentioned a plumbing problem. Although it claimed that they have found the problem and fixed it, since the old age of the building, it might be PVC pipes and eventually will need replacement to copper plumbing. Again, I have never been to the units and these are pure speculations.[/quote]
And my speculation is based on living in a competing conversion a few blocks away. That project has brought down comps where I live noticeably.
Anyway, we have had several plumbing issues in our complex. Essentially, the only issue that an individual homeowner deals with is the leak or issue that is unit-specific. Generally, though not always, this means that the individual is responsible for plumbing issues arising that are not specifically related to a common line.
Probably, the leak mentioned in the article was on a common line and the HOA was so non-existent, the leak took weeks or months to fix.
But as an individual, I would never fix A:) something on a common line or B:) Something on my private line that was not having an active event (like a leak or pressure problem).
Having viewed several of the units over there, I really doubt that it would take more than 5k (out the door) to get most units there into rentable shape. Most need flooring. Some need appliances or new counters. Very few that I have seen are truly destroyed. And I have seen many of them.
