I think there are two maybe 3 ways to look at this in my mind.  1) you go into it and bring it all up to modern standards but using that old charm to basically take what is there bring it up to modern standards and rent it out essentially I'm thinking cocktail bar or something trendy like that.2) most banks are on really good centrally located real estate if this is true, then I'd consider it for the dirt, plan to scrape the lot and go vertical with whatever the highest and best use is.3) a kind of combo of the two, if the lot is in a good location and its doable, pull the vaults or other "character pieces" out of the building, scrape the lot, and build whatever is best suited for the site there, but incorporate those historical pieces into the final designs.Is the site near a major retail area? 

Look for homes with updated systems—new plumbing, HVAC, roofing, and windows are essential for long-term value and tenant satisfaction.

Essentially that's what you described doing, but with the added complexity of the auction process.

The income (rent minus management) should cover the costs (principle, interest, taxes, and insurance) depending on the property's price point. 

The essentials classes are  $2000, & if you add the advanced like fish & flip, multifamily, is another $6k.

Mentorship and joint ventures are excellent ways to gain experience, and it’s essential to start small, communicate clearly, and build trust.

I think there are many principles that he teaches that should be considered.  

If you rent out the downstairs for $1400, you will essentially pay $1,600 for the upstairs apartment.

Those losses can be substantial, by the way within an HVAC system-Again I doubt these technologies would hold up under scrutiny within a court of law because all it takes is one person with even a basic grasp of principles of engineering and you’d find an easy 10+% delta in these systems’ measuring abilities.

You collect market rent (You might be collecting less net rent without a PM, you’re essentially managing for free.)