I like building new, but we sell new, keep vintage rentals.

I encounter this vintage and condition of wood cabinet frequently.

In terms of rents, I've been looking in some of the "trendy" areas of town, where it seems like people are actually willing to pay a little more for a unit with some vintage characteristics like original hardwood floors or exposed brick, etc... rather than a place in a newer 100-unit apartment building down the street with laminate flooring and smaller rooms.

Did the Home Depot ones once... used whatever I had around but I think it was a Gem stain and Polycrylic finish... turned out ok but like the Jodi Melssen said, a little cheap.

Now it has hail damage and looks like a real gem :)  At the time, buying a used car for cash was necessity.

If that's the case, you may have found a gem at the right time but in 10 years your ROI may decrease due to competition.

The ongoing repairs and the capex will be the killer to the cash flow.I think you should research heavily the vintage of the 20's for all know issues.

http://detroit.craigslist.org/wyn/reo/4727412982.htmlHere's another gem. 

I suppose there might be some with basements that would look that way on paper (that vintage doesn't have egress windows in the basements).

But, I'm glad vinyl siding is not used, as I do love to see the authenticity and beauty of vintage home brought back to life.