Fit buy box of A or B rated school district in good area that could appreciate over time.

Fit investment criteria of long term buy and hold, in an A or B rated school district, that appreciates over time.

The big distinguishing factor between Rockwall proper and Royse City is school district.

I ran a utility district for many years and we ran into these situations all the time.

In 2017 I met a Mexican woman from Tulum through mutual friends who was looking for design advice for a property she was developing in her neighborhood, the Vileta district (Region 15, south west of the main town).

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.

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

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

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