I stay away from historical buildings in general for all of the above reasons and more, unless it's a larger scale commercial building with concrete floors and great "bones" that can separate the uses/tenants better.

Section 8 can be a very smart play, but it's not great for first-time investors who are not planning (and have the resources) to continue the play to understand and perfect the obligations and to ensure the best renters.

The property's location and price point aligned perfectly with our strategy to execute fast-turnaround, high-profit deals.

I don't think it's worth it because it looks like there is not enough meat on the bones.

Just a heads up.So you calculated out you need  $6 million worth of apartments to hit your goal.A commercial loan may require 20% to 30% down in cash, cash reserves, working capital, and closing costs.You will also need earnest money cash.The lender may also require certain repairs to be done Shortly after the loan is made.The lender may also require the Property to be stabilized as far as occupancy percentage is concerned, leaving little on the bone as far as sweat equity.Good Luck!

Check out the map and see what other properties are being listed for.Personally, I think a larger home with 5 beds, is set up perfectly for a rent by the room strategy.If you do want to look at an STR option, check out AirDNA.com.  

Some counties in Virginia loves them because they have little employment so no big population increase = more burden on schools and the tax basis is very high because of the personal property inside of them so they pay a lot in taxesAs you mention need to be near a power source and I spent 5 years trying to get one approved in 30 acre parcel that the county wanted the site for something else - so they can be challengingTo get zoning approved they are really perfectly suited for Rural WA and OR along the Columbia River with all the hydro right there.. and they have built some over the last 20 years..

Tap into Anderson Business Advisors to set you up perfectly, not only with a partnership but also with taxes.

If you like paid off houses, as I do, paying off your house may make perfect sense as it is within your risk tolerance and will help you feel secure buying that investment property next.2.

They all have their pros and cons and you will never find the perfect one.