Most of my 1920's flips bring $100k in profit, but only after a year long slog to bring it to modern standards, while preserving the old character.They're not much more difficult than a 1950's house. 

We tore out the old shadow-box fence and replaced it with a modern horizontal cedar fence.

If that is the case its mostly having trusted contacts and a team ready to modernize the house.

Every year a 10 day event is held called "Modern Phoenix Week"  and the Home Tour is the highlight of the event. 

There are some groups that we work with that don't have a modern quoting and binding system, so all communication is through emails and old school forms.

I love the Victorian/Federal style architecture and character of the housing stock in the the Historic Distict, and after working out some preliminary numbers I thought it would generate decent rental income.Historic District AllentownTHE PROPERTYHistoric 1868 2 family house, (2 BR & 1 BR) corner lot, newly renovated kitchens and bathrooms and totally modernized inside, 3 car parking, outdoor decks on N 7th St.

However, when we are done, we will have an updated building which is 50-70% more energy efficient than before, has modern electrical and communications wiring, meets current fire and sound codes, and still retains the charm of its era (10' ceilings, august crown mouldings, etc) .. it will also command 30% better rent and have much lower operating costs then when we acquired it.

We are putting roughly $40k into each unit which includes new floors, kitchens, updating bathrooms and moving a few walls to open the units up into a more modern layout.

My properties are new, which reduces capex costs and have modern layouts which are highly desirable to tenants.

I prefer a maintenance free home with modern features in a place easy to rent.The cash flow must be attractive to invest in an older home.