We adopted this from living co-ops that have perfected it over centuries of shared environments, and it is powerful in its simplicity and effectiveness.  99% of conflicts our Property Manager never hears about b/c the residents resolves their conflicts and build stronger relationships and households. 

My c class units, built in the turn of the century, make $500 per door.  

It does not match what Case Shiller shows for this century which shows virtually all the top returns for buy n hold for this century are high appreciation markets.  

For example, an old mill converted to multi-family in a low density zone, or a coffee shop in a century old fire house. 

Let me use your own example: A substantial proportion of roads in America in the 18th and 19th centuries were privately constructed and operated toll roads.

Sales associates only allowed to work under an active real estate brokerage (RE/MAX, Keller Williams, Century 21, etc for your big name brand or you can go with the local boutique mom and pop office).

Louis build around the turn of the century.

Unless it is a desired last century brick craftsman or historic victorian folks in my opinion folks usually pay up for newer.

Neighborhood Scout has Oakland, like virtually all coastal CA cities, 10/10 for appreciation this century (Oakland is 9/10 for the state, both are the same as my market). 

They've been doing that for centuries.