I put the 2 inch faux wood white plantation blinds up (from Lowes), nobody's managed to break, bend, or otherwise hurt them in the 7 years they've been up.

You can get a credit tenant loan at much higher LTV's from lenders because they see it as less risk.With the seller holding back a second you can get in for not much down.Hit a CAP of 7 to 9 going in and with triple net sit back and collect mailbox money.The downside is rent increases are set in stone and may not rise as fast as inflation diminishing returns.Also you have to pay special attention to the vintage of the lease.Typically they go for 20 to 25 years total.A newly signed lease has more security after the store has been built than a vintage 15 years in.They could decide not to renew and when you rent out to the new tenant as a second or third generational space the price per sq ft will typically be lower.So with 2 million I would do some safe CAP properties and then mix in the distressed multifamily for aggressive growth.

Since it is covered with carpet I would assume it is a somewhat "vintage" wood floor.

I like to update electrical fixtures,switches,plugs I always replace old thermostat's with a newer digital model. example, if the house has older cabinets and your budget wont allow for all new cabinets simply paint them white and put new hardware on them if you have paneling/drop ceilings remove them if your budget allows if not at least paint the paneling newer decorative (faux tin cieling look)drop ceiling tiles can add some appeal what you want to do depends on your budget and what you must do to sell the home. new homeowners usually like updated windows, paint, carpet, kitchen,bath again what you can do depends on the budget. is this flip/rehabb for low,middle or higher income family?

Bruce we do a lot of work in Ohio.. and those vintage homes all have basements and there is not many floors that are level or worth leveling up. the row houses we fund in Balt and philly same thing NONE of them have level floors .. :)  as long as the foundation is not going to totally fail  IE bowing out a ton or what have you the tenants in these know the floors will be un even.. this is pretty much standard.. the bigger issue to me is the sewer if you need a new waste line even in these areas its generally 10k plus. ..

I always like seeing restored vintage homes.

was doing well with Single family vintage, eclectic restorations, so we went after same demographic on the residential rent side.

Lots of housing stock in the 1940's-1970's vintage, ripe for reasonable renovations.5.

I'm sure you can find a gold ring digging in the local garbage dump, but wouldn't it be easier to go to a jewelry store?

@Austin Faux My philosophy is offer what works for you; don't worry whether the seller will accept your offer.