I think there are two maybe 3 ways to look at this in my mind.  1) you go into it and bring it all up to modern standards but using that old charm to basically take what is there bring it up to modern standards and rent it out essentially I'm thinking cocktail bar or something trendy like that.2) most banks are on really good centrally located real estate if this is true, then I'd consider it for the dirt, plan to scrape the lot and go vertical with whatever the highest and best use is.3) a kind of combo of the two, if the lot is in a good location and its doable, pull the vaults or other "character pieces" out of the building, scrape the lot, and build whatever is best suited for the site there, but incorporate those historical pieces into the final designs.Is the site near a major retail area? 

Over a 25 year time frame the combination of the location and the house will grow faster than other properties, due to location/location. 

The labor forces used are rarely licensed and insured, are the bottom of the bottom and paired with the cheapest materials... a losing combination. 

@Chirag Mehta For construction costs, you should be around +/- $100 PSF which would include all sitework, utilities, and going vertical with modern finishes.  

I remember reading something in the Wall Street Journal the other day that buyers lean toward modern finishes with a nod toward sustainable materials.

(They both shrink your pool or buyers and combining them really shrinks the pool.)Assuming you don’t plan to do a 1031 exchange you’ll also pay higher taxes if you can’t spread them over two calendar years, but not much. 

As the portfolio grows, we’ll be able to implement gradual, strategic adjustments to rental rates, particularly for tenants in need, without undermining the overall financial health of the endowment.Phased Returns for Investors:Investors will be repaid through a combination of rental income and profits from other high-yield activities, such as property flips, during the early phases of the project.

If this is financing for a stabilized property rate carries more importance but rate combined with origination fees, pre-payment penalty and term in which you intend on keeping the loan in place are all considerations which together should help in deciding the best financing option.

Due to past poor management of the environmental infrastructure, the river has become illegal to swim in in certain parts, and after rain falls the entire river is off limits to swim or fish in due to the heavy amounts of pollution ending up there that the city has not had the infrastructure to deal with in the past.But this all began to change in 2017, when the Virginia General Assembly passed the largest infrastructure project in Alexandria's history to make the Potomac River swimmable, and fishable by the year 2040, and they have made significant progress recently with the completion of the 2 mile long, 100-foot deep Waterfront Tunnel named Hazel.Named after environmental activist Hazel Johnson, the Hazel Waterfront Tunnel will prevent millions of gallons of combined sewage from polluting the region's waterways.

I did put in about 15k of work into the place to get it from the 1980's look to something more modern as the rentals I am competing against are newer builds, but at higher price points.