70s existing property, unrenovated, as a rental object

As an investment, just two residential units would be too much concentration risk for me.

Although, of course, the concentration is quite limited at five-figure prices.

That is of course true. However, it will probably not stop with the additional renovation/rehabilitation topics.

I would invest money in an expert who takes a look at the house and assesses the problem areas. I wouldn’t necessarily want to take on a major renovation right now, but if everything else is fine and it only needs a bit of money... why not? Of course, this also assumes that the bank would grant you an additional loan

That’s not a bad idea, provided there really is a price in a range that would spark our interest in buying. What kind of investment would you have to expect for an expert to take a look? And how much can they see with the naked eye?

Do you also have an emotional connection to the house because of the family history? Or is it more about possibly getting a bargain? As an investment, just two residential units represent too much concentration risk for me.

Emotional connection rather less, it’s more about the possible bargain and the opportunity to finance another property relatively cheaply. Essentially, it would of course be important that as long as it is rented out, it covers its costs as much as possible.

The risk is that with problem houses you also get problem tenants. A complete renovation costs as much as a new build. If you don’t get the rent for it, it only pays off through tax refunds from the tax office. I wouldn’t take all the renovation obligations too seriously. If they are necessary at all, no one checks them. The only thing that is checked is the heating by the chimney sweep. But a new oil burner doesn’t cost the earth.

the risk is that with problematic houses you also get problematic tenants. A complete renovation costs as much as a new build. If you don’t get the rent for it, it only pays off through tax refunds from the tax office. I wouldn’t take all the renovation obligations too strictly. If they are necessary at all, no one checks them. The only thing that is checked is the heating by the chimney sweep. but a new oil burner doesn’t cost the world

The chimney sweep happened to be here just now, everything seems fine with the burner. I can’t even say how old it is. The eco part of me would like to get rid of the oil heating. I wouldn’t necessarily choose problematic tenants now, I believe housing is in demand here. There are at least more "requests" for this location than offers. I’d be more afraid that something actually always needs repairs and the property won’t be viable in the long run. If I roughly calculate (although I have no real idea about the actual price yet) that you could get the house for 80k + incidental costs + some investment financing 120k -> with 2% repayment and a solid 4% interest that would be about 620€ monthly payment. If both residential units can be rented at 500€ cold rent, there is about 400€ left every month. You would certainly have to pay some tax on that - how much and how fast I would have to ask a tax advisor, I assume renovation/investment could be claimed there. I would first set the rest aside for maintenance costs / whatever comes up. Once some money has accumulated to cover repairs, you could also make special repayments in perspective. This or something like this is the calculation. The risk is of course in the details.

About the bucket: The solution is called a condensate pump and then into a wastewater pipe. Available for little money, serves for years. Also available with an alarm function in case of a defect.

P.S.: I agree with the others: For me, it wouldn't be anything. It probably doesn't exactly increase your quality of life to become a landlord.