Thanks Sean....I've got a list just to bring it back to decent rental shape, compliance with modern codes, etc.

I'm not saying it's the first time real estate prices fell, but it was certainly the first time it happened on the scale that it did in modern times.The reason why I don't like appreciation plays now is because I am nearly 100% sure we are reinflating the housing bubble as we speak.Heck, that $27k double I bought on a ghetto street is now worth $120k according to Zillow - and the three other doubles for sale on that street simultaneously raised their prices from $90k to $130k this month.

Install modern laminated flooring with new sound barrier and moisture barrier-silver.

Another project I'd really like to do is mixed use type, Modern style, Live/work units with ocean views! 

The reason being, the pure white in common areas will help with the unit showing bright, airy, and modern. 

However, the optimistic (speculative) side of me thinks this $400K home was $650K 2 years ago and is highly depressed because of the hardest RE crash in modern history and the tightest lending in who knows how long.

If you mean LLC vs Limited partnership, in general LLCs are considered more flexible and is a more modern structure.

Its very popular and gives the unit a modern feel.

You need to have the entire plumbing system scoped with a tv camera to determine the extent of the damage.I definitely would be budgeting both the time and money for a complete repipe and I would imagine rewiring the electrical system to modern standards since your going to have to gut the interior anyway.Offering a remodeled home with new plumbing and wiring as well as new interior paint and flooring will definitely increase the value and make the home easier to sell.

Google "Essex Modern City" for details and also "East Side Promise Zone".