In my experience, the information on RealtyTrac is outdated at best.

I signed up on Bigger Pockets probably a year ago and although I've listened to every podcast, have read just about every blog, and have posted on forums once in awhile(under an old account that had old outdated information).  

The property has great cash flow, but is drastically outdated and need repairs inside and out.

Far too many lists are out dated - - I still get mailings to a Corp closed over a decade ago.

Lot of listings are outdated there

My main contractor wants me to rip out and replace all the doors (8 of them) and surrounding trim, as well as take out the crown molding and baseboards which are very old, outdated and caked with layers of paint.

Are the rents at current rates or have the tenants been there a long time and paying out dated rent? 

Make sure with your lofts that your cost estimate for rehab and what the city or county wants for compliance are in the same ballpark.A building that old might have a ton of surprises such as illegal additions, grandfathered permitting but as soon as the use changes you have to bring up to code, knob and tube wiring, asbestos, galvanized pipes, lead based based, out dated electrical panel for today's demands, and on and on.Check what type of leases are in place downstairs NNN,gross,etc. and if the tenant has to disclose monthly sales and how strong the guarantee is on the lease.

(Not by using Google maps because they can easily be outdated pictures) There should be some.

(Not by using Google maps because they can easily be outdated pictures) There should be some.