looks to me that you're taking over someone's headache.if the parcels were hidden gems, they'd be snatched up by developers long time ago, don't you think?.....

Take the time to find the back story - sometimes there's a gem waiting.

I personally would never want to get rid of that little gem, so before I didn't take depreciation I would consult a CPA.

@Giovanni Isaksen I am actually a general contractor (I don't physically work on jobs) and we price out everything, I was just curious if anyone used the RS Means online etc.

There are good people out there but you do have to sift a lot of dirt to find a gem, in my experience.

But I wouldn't avoid 100% of properties that have them because there are some gems out there.

We also own buildings on the same streets, but when we acquire one of these old gems, we gut the interior, insulate the walls to R20 or better (space is sometimes a factor) and air seal, replace windows and doors and put R50+ of insulation in the attic.  

I am now in Tacoma and came across this gem of a house. 8 bedrooms 5 baths 4 thousand square feet.

Garner - Maybe no longer the hidden gem, but schools aren't where we would prefer them? 

Giovanny Vizcarra