Make sure that you are able to truly "replace" what is there if it has significant old style charm and craftsmanship. 

It's pretty much all I do. https://www.biggerpockets.com/forums/223/topics/168016-3rd-times-a-charm--i-just-closed-a-12-unit-apartment-complex-for-under-1500-out-of-pocketRead the thread that I linked within the Success Story post.

People want to be close to downtown and these old houses have a lot of charm.

The color and pattern of fabrics, rich juicy textures, a bit of splash and added spark will add charm to a space.

It's expensive, but it works like a charm!

I was here, went through the curfew and all, and saw a few windows broken outside 'riot central,' but other than that, it was the usual, charming, warm city that I've grown to love.This is a unique city - the further from the harbor you go, the newer the architecture and it's sometimes block-to-block!  

Which we will stil try to throw that Victorian charm into like for example our master bath will include an antique claw tub along with the nice modern frameless glass shower.

@Tammy RichardsThe old, "charming" floors are not the problem --- the dirt basement floor is. 

Dear BP people,I’m a new investor and had recently purchased my first deal, a multi-family house in class A neighborhood I’m my area, the property is an original charming duplex building on the front with another smaller unit on the carriage house.

@Emily Hosage "like new" "full gut rehab" "old house charm with new house amenities" "better than new" (after all, it probably has established landscaping right?)