I'm sure most of the door casing and trim work is gone too so part of me feels like, if we are going down to the studs, just bring it back to new modern standards. 

I hope you got an inspection contingency clause put into the P&S agreement as you could still back out if more problems come up in the inspectionNow the cash-out refi could work but that would require you to rent out the property for at least 6 months and pay closing costs again and now that the home is worth more you would have to make sure you will cash flow because everything from the taxes to the mortgage payment will be more per monthWith this being said the profit is there if everything with the comps are correct so I would say if you feel comfortable with it to go with that route.I also now am seeing this is a 3-month-old post so if it is going well then congrats if not then you will get'em next time (hopefully not losing money in the process) but if you didn't do the deal out of fear then I would say hit the books again (aka laptop) and get to studying and learning about all of your fears to see if more knowledge can combat those fearsHope this helps, good luck :)

rehabbed the units to modern standards What was the outcome?

Purchase price: $225,000 Cash invested: $14,000 Sale price: $316,000 "Whitney" was an older farm house that needed to be opened up on the inside and also needed an extra bathroom to accommodate modern living styles.

We took a house that smelled and looked like it was our grandmas and we turned it into a modern house that a young couple would love to rent!

I recarpet ed with mid grade nylon the upstairs, and put modern click vinyl downstairs.

My understanding is that there isn't a desktop/ laptop version anymore.Thanks!

Original hardwood floors  over modern plastic looking wood floors anyday. 

Savor the upgrades galore from the modern finishes throughout to the incredibly spacious floor plan!

The homes are safe and clean, but have antique railings (wide gaps), some knob and tube wiring, and asbestos based building materials.I am in the midst of writing my lease agreement and would like people's opinion on the benefits or necessity of adding the following disclosure statement to the Indemnity Section:"HISTORIC HOME DISCLOSURE - The Owners disclose that the Property was built before modern building codes existed with building practices and materials that were common at the time.