If we got it we would plan to totally renovate the downstairs to make it into a more modern layout.

As a rule of thumb easy cheap upgrades like new light fixtures, new plumbing fixtures and things like a new modern "out of the box" vanity from HD or Lowe's can pretty up your unit nicely.

Not every buyer is looking for "modern" which you can still do while leaving a bit of the 1800's look in it.

@Tim Sutton - I think a lot of the numbers look very solid, if there are no major defects in the building such as weird layouts, or missing elements, then your next step should be to get a close inspection of the plumbing to make sure you won't be replacing all the pipes in 5 years, check the electrical to ensure you have good electrical panels and modern wiring, get a timeline on the life of the roof, and make sure the foundation gets a good look.If these major ticket items are fine, then I would say to get this one under contract and start moving forwards.

I thought it looked pretty nice so obviously that is a que that I need to look into a little bit more of what the current modern look is for our next rental

Do what you have to do now so you can have freedom later, if not than you will always be a modern day slave.

So just keep in mind that tearing down the current structure and building something new on this lot would be a lot more expensive than just buying a huge, relatively modern house in the same town.That means you're stuck with the current house.

I guess, this is what your HVAC calls the old reliable, despite that being a more modern development.

So, in this BRRR  hold scenario, you can at least have peace of mind that you have a quality long term rental to hold and since you just did a great modern rehab on it, you should be able to command the high end of the rental price spectrum.  

What I don't have a good grasp on is whether modernizing it and turning it very luxurious will translate to the same amount of added value at the end.