The interior will need to be repaired and repainted.I've done several 1900 - 1920's and while they usually have good bones, the electrical can be underpowered for today's needs, and the water lines can be corroded galvanized or even lead.

Also, my guests always love my little goodie basket of snacks and a few bottles of water. 

In case I have to sell or I quit running STRs I wouldn't want to be under water out the gate.

So adding this to my prospecting plan may provide reach to do deals that I may not have had before simply circling the usual watering holes.

Put your best foot forward.For a water front house I always lead with the water.For you it could be the arcade room. 

But I will have over a million in pure gross income coming in 25.  

Water galore.

We have had duplexes with shared water, sewer, and trash billing, as well as shared driveways.The long term tenants act more like owner occupants, planting flowers, etc. and in some cases neighbors think that they are the owners. 

Fill water tub with water a couple minutes( good time to tighten down toilet bolts and caps) caulk tub five minutes.

I have just started looking at properties and the first SFH we toured had just had the furnace and water heater stolen!