We just discovered a crack in the concrete slab foundation that is a borderline major problem:- It is a vertical crack about 1/8 inch wide that is at least 9ft long, which is causing a 3/4 inch drop in the flooring and some evidence of old (luckily) limited moisture and termite intrusion. - BUT, it also appears old and probably a symptom of the original house settling.

@Isadore Nelson yes, I know someone that recently paid $500k to get a longtime rent controlled tenant out of a Carroll Gardens Brownstone.

The agreement stipulates:"The owners agree, that no water shall be used for commercial purpose, but only for their private domestic use including vegetable gardens and livestock maintenance."

So I have a 64" pocket in a new 1bd cabin build that can fit an integrated vertical twin murphey bed in the living room with side dressor or a row of book shelfs + cab.

@Chirag Mehta For construction costs, you should be around +/- $100 PSF which would include all sitework, utilities, and going vertical with modern finishes.  

You learn about everything from calls, puts, naked puts, verticals, calendar spreads, diagonal spreads, iron condors, straddles, etc. 

So those were all on my Fico.. my Bank loans from my commercial banks dont show up IE: development loans  vertical construction loans..

Anything over that could mean that the property is overstaffed, or it could mean that management is delivering a very high level of service such as in a luxury property that has a doorman and all sorts of staff that you don't typically see in garden style apartments.

I think there are two maybe 3 ways to look at this in my mind.  1) you go into it and bring it all up to modern standards but using that old charm to basically take what is there bring it up to modern standards and rent it out essentially I'm thinking cocktail bar or something trendy like that.2) most banks are on really good centrally located real estate if this is true, then I'd consider it for the dirt, plan to scrape the lot and go vertical with whatever the highest and best use is.3) a kind of combo of the two, if the lot is in a good location and its doable, pull the vaults or other "character pieces" out of the building, scrape the lot, and build whatever is best suited for the site there, but incorporate those historical pieces into the final designs.Is the site near a major retail area? 

Hey Nick, I'm currently in escrow on a property in the Gardens.