Great advice and lots of Gems.

You could have bought a gem or bought a dog. 

Once I know what those cash investors are looking for, I could actively seek out those type of properties as well as come across other gems.  :-)  One step at a time!

Vintage of the property is critical.

With 100 years water had plenty of time to flow all around and under the house, micro streams and variations is water retention in different soils will cause uneven settling.All in all you may have a real gem that just needs some love.  

A few initial gems I've found are in locations that are away from a public water line.

I could have told her I was bidding on a vintage Star Trek Episode 36 trouble with tribbles action comic". 

All of this is of course speculative and you absolutely could have tenants in South Dallas that rent for years at above market rent and treat your rental house like an absolute gem - I'm just speaking in general. 

Older vintage product which would be C and D buildings being by the beach most likely in an A to B location were built on more expansive lots as land was more readily available.In most area land is now at a premium so things are much more compact and tighter.If you have a bunch of land next to the beach you might have a re-development play in the future.7.5% CAP rate on that vintage of a building is pretty weak.Most with that vintage want a 9 to 10% return.To drop almost 133,000 into a property for an annual 5,000 return if everything goes perfect is crazy in my mind.With that much money you should be able to leverage yourself into a much larger project.Given the age of those buildings when you re-model you will have to conform to the new EPA lead certification rules and procedures which run the costs up.What about deferred CAPEX??

That vintage of the 1920's I would be shocked that it only needs 50k to 100k of work.Are the rents once rehabbed 1,500 a unit or 500 a unit??