First investment property, NYC remote investor, Columbus OH, 1959 ranch, tenant in place 4 years. Need advice on repairs and GC vs individual contractors.
About to close on a 1959 3BD/1BA ranch in Columbus OH. Tenant has been in place 4 years, pays on time, zero drama, just went month-to-month. Inspection flagged a Federal Pacific Stab-panel, basement mold in corners that’s gutter-driven, 17-year-old Carrier furnace with gas shut off at inspection and a duct disconnected, gutters draining directly onto foundation on multiple sides, ungrounded receptacles throughout, no handrail on basement stairs, and minor plumbing — drain leak, loose faucet. Sewer scope and termite both came back clean which was a big relief on a house this age.
I’m remote in NYC and flying out to handle the initial stuff. Two questions for people who’ve done this before. First — the Federal Pacific panel. How bad is this panel? I know it needs to go, I have it booked, just want to hear from people who’ve dealt with these. Second — GC vs booking individual trades myself. I have a GC who can coordinate everything but wants a premium for it. The alternative is I book a licensed electrician, plumber, HVAC tech, mold remediator, and handyman separately before I land and supervise them myself during the four days I’m there. Is the GC coordination worth paying for on a multi-trade job like this with a tenant in place, or is booking trades individually the move? Getting quoted around 13-14k for this, ideally looking for 9-11k
Would it be better to get a PM company to manage this whole process. Was going to self manage at first since the tenant is low maintence. $70 cash flow vs $260 after reserves.
Anyone with Columbus contractor experience or remote landlord experience specifically would be hugely helpful.