Would you consider historic multi-family with great Cap?

[Sheng Zeng]

Good evening everyone, 

Recently . I found a good deal for student house in LA. The price for this property is 850k, need about 250k renovation. Subject property also with 12 parking on the back. Our projection annual net operating income will be around 120K. The only thing concern me about is this property is R4-1HOPZ zoning.  

I am worry about if I purchase all cash, is it hard for me to refinance for this property down the road?

Is there anyone have been experienced for this zoning?

and is it matter this property generating good income even is in historic zoning? 

what your opinion? Much appreciate it.