What does “needs updating” cover, and is the building vacant or occupied? Cosmetic work supports a different argument from uncertain structural or building-system costs. For a multifamily, the income and occupancy position could also matter more than nearby asking prices.
Ask the agent which...
I’m less concerned about the repair reserve than Adrian’s tenant-pool point. At €4,310 per month, one additional empty month has a noticeable impact. Stress-test a longer letting period and tenant turnover costs, especially if the expected occupants are a relatively specific household or...