Jared,I flip fire-damaged properties and own a fire damage restoration company.

Immediately upon crossing 23rd to the south or 30th to the north, conditions deteriorate, sometimes rapidly, however, intermittently to the south, one finds blocks of grand old homes restored to their former glory. 

. - Would you buy 4 condos where you give $50k in each and finance the rest? - or

@Francisco Trejo hello Francisco, I do know a very good fire restoration company, that also does flips in Modesto.

A $3,000 A/C system replacement would generally be a restoration relating to the HVAC subsystem of the building and thus capitalized, not expensed. 

Unless you have a background in historic building restoration I wouldn't recommend that.That being said - definitely get an inspection and try to find an inspector familiar with old buildings. 1920s buildings have different common pitfalls to check than 1950s buildings and 1990s buildings.

There's also Kilz Restoration, a very-expensive water-based variety, not as good, but slightly less stinky.

Hit up thrift stores, or the ReStore for faucets and hardwareNew doorknobs make a huge difference. 19.

Permits are legally required (in most jurisdictions), but it is certainly physically possible to restore the home completely without any permit. 

Purchase price: $190,000 Cash invested: $100,000 Sale price: $385,000 One of our three complete restorations in an emerging neighborhood