.)= Total IncomeAnnual Expenses:+ RE Taxes (usually use 3% increase over last tax bill, but make sure your area won't reassess immediately upon the sale at the new price, which could drastically increase the taxes)+ Insurance (my rate is about $200/door....yours will be different, talk to your agent)+ Management Fee (3-5% depending on size and company used)+ Administrative costs ($150/door)+ Payroll ($900/door, but the smaller the complex, the higher this cost usually goes)+ Marketing ($125/door, again it depends on the property size and market)+ Utilities (usually do a 3-4% increase over the past 12 month total)+ Repairs/Turns/Contract Services/any maintenance (depends on the age, I buy late 60's to early 70's vintage stuff and usually spend $750-800/unit....this goes down as the property is newer or renovated)+ Reserves (this will depend on your financing, but I place it above the NOI line here because if the bank requires it, it is an upfront expense monthly....usually $250-350/door)= Total ExpensesNOI = Total Income - Total ExpensesThis generally works well for properties 20+, but might not work so well for smaller complexes.

I think there are still some profitable gems in the local area and I don't necessarily have to go to Fresno to find a deal (not that I'm completely opposed to that).

So, he sold his farm and spent the rest of his life wandering the vast African continent, searching unsuccessfully for the gleaming gems that brought such high prices on the markets of the world.Finally, in a fit of despondency, broke and desperate, he threw himself into a river and drowned.

You never know, you may have a gem on your hands.To answer your question however, no property is too old, it just depends.....

SF is a gem.

This is a vintage 1920’s property and thus has minimal parking outside of street parking.

They are great little gems for many reasons

Most of the other houses in the neighborhood were of the same vintage, but most have had significant upgrades and additions. 

Is the state pro-tenant or pro-landlord.4. 1925 vintage there are tons of issues with those buildings so an inspection to see what any issues are and cost to fix.5.

In closing, I perceive that there just may be a gem hidden in this bunch.