I would focus on finding something you want to gut/spend that much money on though!

I typically see that the tri and quad options were converted very long ago and very poorly done and pretty much all of them are full gut rehabs. 

I don't think that we are in a seller's market at the moment.If you don't feel sound in your gut, get an inspection, if you are ready to go, and have reviewed and verified the previous inspection report, you should be good to go.

Here's my take: A 107 year old home is going to have some aging, unless it was fully gutted and refitted. 

People click instinctively when they see vivid colors, great decor and great staging, highlighting the experience they will have in the home.

If I were completely gutting the kitchen, then I would wait until the work was mostly done so renters could get an idea of what they would be paying for.

One gut it out and hope that expenses can be controlled and that rental rate per night will increase..

@Peter Christensen I would go with your gut on this.

After the first inspection I knew this was a complete gut and remodel.

Trust your gut here.