Be sure that your property is suited for seniors if you are looking to convert. ie. 3 bedrooms will not work and second stories are suspect without elevators.

The old home is being replaced with a new, elevated home.

Many times, the municipality / township still provides the usual "streets and sanitation (scavenger/refuse)" stuff as well as water and sewer, police and fire, ...For condos, the HOA usually covers everything outside of the unit: the hallways, the elevators, stairways, surrounding structure, etc.

We are reaching out to him to explore just what you mention - retaining the exterior facade and incorporating enough to the interior - particularly the trompe l'oeil - to pay respect to the history of the building.Senior living is an avenue we are exploring, but might be cost prohibitive if an elevator need be incorporated.We dismissed B&B - the property would be fitting, but they are in abundance already and some of the older, more established ones are struggling these days.If it wasn't for the fact we have real winters here and 6500 ft^2 of this age costs ~10-12K to heat - we could experiment with less risk.The purchasing of this property will undoubtedly be the least costly aspect of a deal.

I've heard many veteran investors now discounting them even further now to hedge for any possible changes that may come from city hall to elevate the houses X ft.With some of these houses, it's too much of a gamble to invest into them when you don't know what type of regulations the city will lay down in the near future.Unless you're buying at a deep discount, it's a bit too risky.

They have a class action lawsuit for elevated formaldehyde levels.

Its a 3rd floor unit with an elevator so you don't have to troop up the stairs. 

Elevation is actually a better indicator but it's still not the best. 

I have spent some time today reflecting on my RE investing.  During my time, I concluded that I have not been telling others that I am an investor when I meet new people.  I have a full time job as an engineer and whe...

First 2 floors are occupied with long-term tenants, 3rd floor is occupied but tenant will move when building sells. 3 story, complete renovation in '02 - elevator included in that reno.