Sale at 25 Charles Street #5A

Ghastly floor plan (tiny rooms), but nothing a gut renovation couldn't fix.

I think in the interest of fairness the brokers should always provide the ages and perhaps a photo of the current tenant, to make our research go faster. (and their family tree, 'cause you never know who else is going to show up claiming tenancy).

Wow, now THAT is some borker-talk. Imagine, turning the only reason the apartment is asking HALF of what it's worth into a selling "point." Shall it stay on the market ANOTHER year and half??

(oh, and you gotta love the tiny, after-thought bedrooms).

Sometimes these are wise investments. Sometimes. Tenants do not have to be on their death bed, they may decide willingly to move out and especially if there are no succession rights (which your attorney would discover upon due diligence) then yes, doubling your money in 5-10 years is not a bad idea. Plus you have some write offs. I am not saying this particular one is a good investment, I am speaking generally about these types of situations.

Doubling money in 10 years in this type of investment is good?

Its also a fifth floor walk up and it needs a lot of work so I'm not sure $549K is really "50% of its value". OTOH, the walk up factor makes more likely the current tenant (who has to be at least in his/her sixties since rent control means s/he rented it before 1971) would want to leave if they can possibly afford to move.

How would a lawyer uncover if there are succession rights? Under the right circumstances, children, siblings, etc are eligible. As well, if the tenant marries (or remarries) that person has rights. Two years occupancy is all that is required to claim the lease (I believe)--One year if the primary leaseholder is disabled. It seems unlikely an attorney could anticipate all the possibilities.