Everything that @Mike McCarthy, @Carmichael Lewis, @Aigo Pyles is absolutely right in that the bathroom does look fine and is at least not the vintage 60s and 70s pink tile that you can sometimes find in San Francisco.

I have several vintage buildings here locally in Berwyn and Cicero, and in both cases I have opted to refinish hard woods in most cases as opposed to installing new floors over the top. 

That vintage year there are a ton of know problems to fix versus an 80's, 90's, 2000's vintage etc.Now in your area 1912 might be as new as it gets. 

Are you a vintage house master?

Over time the maintenance will be higher so the net number isn't too far off.What's the vintage age of these building(s)??

There still are small (< 50 units) '60s vintage properties scattered around that have room with value add but it's a hot market.Portland has higher caps in the suburbs but smaller institutions are there too.

Most of the cheap homes within a few miles of the Minneapolis campus are early 1900's vintage.

Just completed a really neat Vintage Renovation project that I think was pretty cool and a LOT of work...As with all deals you learn a few things or improve on your processes and this deal was no different!

The trap under the master tub let go (I realize it was likely coincidental, but likely hastened by the heavy chemicals), the water then ran down 2 stories into the basement, taking out 2 "vintage" plaster ceilings, basement carpet, etc.  

Certain vintages which give you a host of problems.Are these 4 units legal and permitted??