All 3 of the cities at the top of the case Shiller highest return list for this century (San Francisco, Los Angeles, San Diego) had poor initial cash flow in the 2000 and poor initial cash flow today. 

I've bought houses from the 60's that needed new everything, and others from the turn of the 20th century that needed almost nothing.

  Im a local real estate agent with Century 21, I was looking at maybe setting up a day or 2 throughout the week and doing some virtual tours of local investment properties.

We decided not to rip out the tile in the bathroom because while it's not updated or modern, it's not that damaged and keeps the mid-century vibe.

It has turn of the century wood craftsmanship and the envelope is in good shape.

I know 21st century mortgage does them but they're shorter term, only 10 years.

Good advice = If you're looking to work with an investor agent call up the biggest brokers in the town, usually KW, Century 21 or REMax, and ask for the agent that bought and sold the highest volume of small multifamily (duplex, triplex, 4-plex) in the last 12 months.

Again, avoid anything a century old.

The crash in 2009 was a once in a century thing.... 

If you saw that this property flooded to 10 inches a few years ago, what's to stop it from flooding to 16 inches during the next "once-in-a-century" storm that, wonder of wonders, comes along in in the 2020s?