Decrepit but livable
Pros
Neighbors are mostly families and quiet. Access to transit and stores. No bedbugs.
Cons
Building is falling apart. Repairs are mostly patch jobs and not often handled in a timely manner. Floors are warped. Walls aren't flat and are to weak for a basic drywall screw. Leaks in the oddest places or a consistent nuisance in others. Water boiler is not efficient and often breaks. Electrical so old, if you run 1 to many appliences, your fuses blow. And that's if there is an outlet that works. Pest control is beyond challenging and it's not just any 1 kind either. People often breaking the lock on the main door. New building went up on the north side of the building. No one told tenants with windows on that end, that their windows would be blocked by the new building. Video cameras must only be for show. The same tenets disregard signs about smoking in the halls or blocking the stairs to hang out. Fire station 2 blocks up, often drives past to respond to emergencies.
Advice to the owners
Properly renovate the entire building. 1 odd shake of the foundation will probably tear the building apart someday. The constant patch jobs and dragging of feet will lead to a lawsuit if your people don't get it together.