And depending on the building you'd have to reserve an elevator to bring in appliances or millwork.

The property also has a significant elevation change.

@Francois Acosta Is the land sinking yes, but I haven't heard of it causing major structural problems yet, there are some areas that have lost over 10 feet of elevation already, but always look at the individual property. 

Contact  PermaPier to shoot elevations, they do it at no cost and will also provide an estimate. 

I’d really like to do buy and holds instead.I seem to have stumbled upon a pretty great pool of contacts with a decent amount of cash to invest if I get my elevator pitch down right.

You can have a surveyor do a spot elevation at the foundation of the home and if they say it is not in the flood plain (with improvements made) you can be in the clear.Good luck...

It was also stated renovation in such a building may present challenges such as access to freight elevators, etc.  

One that sticks in my mind is that in the office buildings where he and/or his team worked, he had cell phone repeaters installed in the elevator shafts of both the office buildings and the attached parking garages.

Here's the premise: High-demand areas and changing neighborhoods can allow for elevated long-term increases in rents and prices that consistently and significantly exceed national, or even local trends in income increases.

It was built in the 60's and the only thing that seemed weird was the outside elevation compared to other homes nearby.