They are usually in areas with a higher concentration of investment properties and investors tend to suppress the pricing market (go figure... everyone wants them cheap.)

La Mesa is one of the nicest neighborhoods I could afford in San Diego County at the time, it has historic homes and a charming downtown center.

They are all functional, and have a charm that you just can't find in newer places.

Will the added units make the building call for fire escapes, and fire suppression equipment, or ADA upgrades, or an elevator, or upgrade the whole place to 2023 Electrical code or etc...Is there enough electrical amperage at the service entrance for the added units or will you need another drop or a transformer or something like that.Will construction noise drive other renters to not renew (???)

I visited STL in 63118 at a friends house this week and was amazed by some of the for sale prices - her neighbor's house sold for $6k last year June and is being listed in July for $120-130k - crazy.The bones of the properties are gorgeous brick buildings with great historic charm and seems like endless possibilities!    

You will find many charming 1920-1960's homes here in Waco, but your tenants may not be comfortable with the area. 

It also has a lot of “charming” old homes, so calculate in some surprises if you plan on renovating or holding long term.

We can all thank the Fed for suppressing interest rates for so low for so long.

The problem with 4 units is many cities will require a fire suppression system that adds $$$ to the bottom line.  

Piggybacking off of Brian-Zoning and is there fire suppression in place and if not will it be required if you do convert it?