Your risk appetite?  

This is what I call a champagne appetite on a beer budget.

Best thing to do depending on the size of the project is talk to several local and regional banks as they all have different appetites rates and terms.

If you have the appetite and patience, go for it!

@Cecilia Constantine it depends on your appetite to take on the work and manage contractors. 

Plus it will be dependent on how strong your tenants are, lease terms, property type appetite, etc. 

I don’t know what the fees are like in NYC for a liquor license, but I assume pretty high.I would also make sure that there aren’t any other licenses (dancing licenses are required in some areas of you will have music and people can dance), as well as any specific fire suppression requirements (you will want to know if a sprinkler system will need to be installed when running your numbers for example), as this could easily make your project go south.

It's on the basement floor so no idea about noise suppression. 

That alone could kill the deal right there just because of the financing & insurance impact.Depending on your appetite for risk, if you really love the property/deal and the bank doesn’t specifically ask about knob and tube (and their appraiser doesn’t notice it), you could possibly close and then immediately (like day of/after closing) begin rewiring the entire property.

Home buyers are being forced into more expensive homes.You may want to discuss with your Realtor network on the appetite for homes vs. investments in your market.