Home could have floors replaced downstairs, upstairs already done, paint, some drywall and insulation replaced in the garage and landscaping but still in good shape, house is fairly new, built in 2007.

@Felicia Kurniawati In my limited experience with rehabbing older condos, I have found that in older buildings, the units have fabric-insulated wires and fuse sub-panels.

With bringing everything down to the studs and replacing insulation, drywall, wiring, and such the floorplan can be updated to a more modern style. 

FT not on county records though quality looks to be very soundAlso, 2nd unofficial BA in basement w/ toliet, sink, AND shower.Newer: roof and windows, glass blocks and insulation in basement, fresh paint in every room.

We moved in and I did most of the work myself completely gutting and renovating the bathroom and kitchen and finishing off a 3rd bedroom that was lacking insulation, drywall,  windows, or a closet.  

New rehab with updated insulation?

Does that mean insulation needs to be replaced?

The 1%ers  appreciate the mental obstacles insulating them from greater competition.  

I would still focus on reconfiguring the building into 4 - 6 units, but I would finish them more upscale, attempting to keep/restore the period finishes and feel, while property insulating and air sealing the building envelope itself.  

The structure and flooring is solid but there are smatterings of asbestos pipe insulation and knob and tube remnants in the basement.