Next I would say with buildings that are around 100 years old, you can run into all kinds of problems and REOs and Sheriff sales are typically done sight unseen, or as is which means you cannot get an inspector in the property to find these problems.
In any old building in Back Bay or Beacon Hill expect that the finishes to be from the mid 80's if the property was repossessed chances are the owners did not update the unit. Updating in the old brownstones is more costly than similar work in the suburbs so if you have renovations in mind, expect a higher price tag.
In my experience these are the biggest things to watch for when buying a distressed/repossessed property in the Back Bay or Beacon Hill.
I'd be happy to discuss this further with you if you have any more questions.
Go for it!!!
A few years years from now, you would have regretted NOT doing so!!!
I have yet to see a good repossessed property in the Back Bay or Beacon Hill that lasted more than a few days after being in the market.
Most distressed properties in the Back Bay and Beacon Hill do NOT even go on the market. They get scooped up way before.