We have an old Victorian that has been converted into a 5-unit.  

We'll have to put about $100-150K inside and out to make it beautiful (it's a Victorian), including some tenant buyouts (maybe even giving a tenant an FHA downpayment for their own first home!) 

We began by purchasing older (as in Second Empire, Victorian, Edwardian, with a couple of post WWII houses) buildings and renovating them to be healthy energy efficient homes for our tenants.Our roadmap has always had the longer term objective of building new multi-unit buildings (townhouses and/or apartment complexes) to Passivhaus standards.  

Both sides of the street lined with some great old Victorians.  

Reservoir Hill has gorgeous victorian homes, but it's more block-to-block.

In several cities in the Maritimes and New England, the highly desirable 'A', and the 'B', neighbourhoods are 100 - 200 years old and the building stock is predominately Second Empire, Queen Anne, Victorian, Edwardian, and Georgian.  

In one of our older (Victorian), smaller duplexes, we ended-up removing an old chimney to allow us to install 24" stacked laundry (apartment sized) in both units.The downside with en-suite laundry is more units are required - but the overall capital costs are about the same as the machines are substantially cheaper.  

We have a small condo at the Victorian in Galveston.

I'm looking at 2 properties now, one a large Victorian home which someone bought for way too much money in 2007 thinking the neighborhood would coming roaring back due to outside investment.  

So they also somehow got permission to: add space on the top of a Victorian flat and have a roof terrace where the entry to it was accessed by amazing glass sliding doors.