Patrick/Jason,Excellent work on the project, I'm working on an older property right now myself and while I'm going less contemporary on the millwork and cabinetry I'm using some similar techniques opening the ceilings and reworking the exterior trim package.

Karen,What buyers like or expect is very, very area specific so answers to your questions will only be truly relevant from those within your area (Southern Cal) and of that, each neighborhood differs too.With that said, and as a whole, I can tell you that modern contemporary and Spanish med typically bring the highest prices.

This is not actually a bad thing as it gives me more time to raise funds for the project.I am very much looking forward to this deal, not just because of the TV possibilities,but because I get to do the modern contemporary style which has been lacking from my portfolio over the last year and a half.

are you by any chance from south fla. it would be fun to comare notes and maybe even share a deal with a contemporary.

I can't tell you how many of my contemporaries (lat 50s early 60s) thought they would have been retired for a long time now but will probably have to work another 10 years or so.If I were in your position I would give serious consideration to TAKING SOME GAINS.

I too love those historical areas, and the look of the homes, for here however, we are going contemporary. 

I say embrace them, and maybe find other simple ways to make the space feel more contemporary.

The NFPA 211 also states that pre existing construction is exempt from contemporary codes.

I am wholly unfamiliar with markets there, but I do know that in many European countries rental properties have been within families for generations rather than being contemporary purchases for the specific purpose of creating rental property. 

We changed the interior of our home into a contemporary style and we also repainted the full house.