Hi BP family! 

I am analyzing a deal in South End neighborhood at Charlotte NC. 

The house has some "hard" issues: 

1. pretty steep hill in the front with stairs to the front of the house. No driveway in the front. Street parking. 

2. Back access is a one-way alley shared by 6 properties around. There is a big tree there, limiting the width of the alley to about 8ish inches. It's tight for bigger cars. But the neighbors told me when they built their house from ground 6 years ago, there was no issues for any building materials or trucks going through the alley. 

3. the house is in historic district of Charlotte, meaning there are quite some restrictions on the exterior renovation. There is a process to get the committee review and approve before any works starts. It definitely causes time and effort, at the end money to do any maintenance and repairs.

Why am I still considering? Great location, 5-10 mins walk to many restaurants, shops and light rail station. There are continue developments (residential and commercial). 

I expect the house will appreciate by $80-100K immediately after putting $45K in renovation. I think it will continue to appreciate by another 100K in the next 5+ years.  

I plan to keep the property and rent it out. Given the high interest and the purchase price isn't low, the cash flow won't be as nice as my other rentals or other options in a different neighborhood. 

Would you think the 3 issues above would be too big a trouble? I have a little hard time estimating a fair market value given these conditions as I don't know how much to discount the value of the house with these issues presented. I appreciate any inputs!!