I'm considering temporarily listing it short term on Airbnb during the SXSW event to take advantage of the elevated rates prior to listing it monthly on Furnished Finder, Airbnb, etc. 

My idea is to elevate the site out of a floodplain... can it be done? 

I am very familiar with this type of property with my background and interests in architecture, plumbing and mechanical, banking and finance as well as living in the penthouse condo in downtown Sioux Falls that was a total gut rehab of a 112 year old concrete grain elevator of which I was part of the project.

I am very familiar with this type of property with my background and interests in architecture, plumbing and mechanical, banking and finance as well as living in the penthouse condo in downtown Sioux Falls that was a total gut rehab of a 112 year old concrete grain elevator of which I was part of the project.

Inspectors should have carbon monoxide meters to read any back flow of a chimney, lined or not, if it isn't flowing properly, feeding back gases, get it fixed.Yes, a liner will solve many issues, they lock in place and are fairly air tight to achieve better air flow than an old brick or stone chimney, capped properly at an elevation above the roof line they will solve emissions better than a masonry chimney.

But new projects going forward at elevated dirt prices and elevated build costs its exactly right on point to your thought if rental rates come down  or vacancy then everything has to back down from there.

If you spend more than 50% of the assessed or appraised value of the home (not the land, just the home) on renovations, you will then have to adhere to the contemporary FEMA construction standards, which usually means elevating the home.

The elevated OH cash flows allow me to tolerate more modest cash flows on my Bay Area properties that have nearly tripled in value over the last ten years.I even very seriously considered buying in Columbus just a couple of years ago since it's not too far from Springboro and I felt it would get hot too, but my local OH PM didn't cover that area and it's somewhat difficult from a distance to build an entirely new team.

So right now set up is 4 apts each floor but what size.. 2br's..I'd see what potential is for 1 brs' and studio..Get a general contractor, a designer, architect to do a floor plan best unit design, have to be top notch to be aware of building codes and state codes for apartments. so floor plans meet size requirements.Could be what's decided is to also gut 1st and 2nd floor to accommodate the new.You'll of course need a plumber (HVAC), electrician who would be part of General contractors crew.Once the architect has a design you'd get bids from more than 1 contractor.I'm working in a 100 year old building the owner is working with a developer,, it's going from office to apartments they've decided best and highest use is 1 BR and Studios, and everything inside is going to be a gut.. even moving elevator shafts. 

Do any of your rentals have unique exposures (pool, playset, pond, significant drops in elevation/grading, high traffic area, etc.)?