If you stay local you will need to look at inventory of existing retail and multifamily and demand.You will need to see if rents are declining and average vintage age of the buildings.How long you will hold and what financing you seek will have a big impact as well as the returns you are seeking.It's just an impossible question to get specific on.I can have one investor love Multifamily because of the value add play and dump cash in for 50% occupancy.Another just wants a fully performing tax shelter and wants low risk.It's just like taxes in that everyone will want something different.My goal working with an investor is to ask a bunch of question and get them focused on a strategy based on the answers and formulate a plan from their.Some want strong returns and others want low hassle with wealth preservation as they already have millions.

My property is vintage (1925) and other homes in my area are not.

Giant Redwood state parks, the EEL River out your front door, the CA coastline, Oregon coast 100 miles away, and vintage National historic towns to stroll through.A very relaxing way to go.

Unless you are going for that vintage look, but then you are probably looking for more of a Victorian style house.

Unless you're talking about something historical and awesome, that is.One of my favorite tricks in the old 80's vintage houses is to reface the fireplace with sheetrock, tile, granite, and a new mantle.

The age of the building in the tax record should have given a clue as to possible problems including asbestos.It's a given on apartment buildings of a certain age of things to watch out for.In many states buying at the court house steps is what you see is what you get.In Georgia they are all cash sales held every first Tuesday of the month.These type of properties I would buy in pre-foreclosure or foreclosure with a due diligence period.Asbestos can be very expensive to remediate.If the asbestos hasn't started flaking off or breaking and it's sealed it is usually okay.It's when it starts breaking down and going airborne that you have problems.Usually on the older buildings you need to take it out.Really for the most part apartments of a certain vintage age are torn down because of all the problems that accumulate over time.Building codes change allowing a higher density on the land and the old building is torn down.Now that your mom has bought this property she needs to figure out it's highest and best use which may or may not be what it currently is.

Are they vintage or ultra modern?

How big the community/asset is, size of units, vintage of asset, age/condition of the mechanicals, quality of construction, tenant base, amenities and size of common areas, amount of vacant units, who pays each utility VS RUBS, etc.   

The second is likely some temporal dispersion because various vintage products are purchased at different times in the fund. 

So if you are underwriting a 70s vintage 80 unit property they can give you their P&L for that same asset type that they manage ideally in close proximity which could also help you with rent comps.