Help - Historic House in non-historic district - Good investment?

[Firoozeh Mofakhami]

Hi - need some advice. I found a property that has 4 buildings (1 is a 2 unit, 2 cottages, and 1 storage garage), that has been grandfathered into this allowance. It's in an emerging part of town, with lots of new condos going up - hip hotel coming up, restaurants, etc. This property has been on the market for some time likely b/c it's considered historic and cannot be torn down and the exteriors must be maintained, so a lot of investors are not interested. I think I could make ok cash flow on it with existing rents, or renovate the interior and get more rent. My main concern is what this property will be worth 10 years down the line and what my exit strategy would be. Will it be worthless b/c no one else will want to buy it b/c of the hassle and inability to tear down? Or will it appreciate? Are tax incentives for historic homes worth it?