It also has some character - it is located in a national historic district in an area that had seen decline in the past but has been on the rise for years now with some properties converted to bed and breakfasts and other converted to commercial use such as law offices and doctor's offices.

Certain features of the property can make your CapEx cost skyrocket (e.g. try estimating the CapEx numbers on a historical property that require you to use certain expensive materials).

As an example, let's say that a property of a certain type has historically traded at a 8% cap in that market.

Still, a house 2300+ sf historic home that was in a movie that has a pool and a caboose/pool house for $225k?  

I'm curious about your comment about elections shaking up the market; I assume you mean US elections, and am wondering if this is something that historically happens, or you expect to occur specifically in this wild election cycle.

There are some beautiful historic homes! 

He had bought a cute 1940 house in the historic district to live in.

I'm not trying to sound racist, there are lots of social economic dynamics and historical U.S. data that support my beliefs that racial and ethnic minorities are the driving force of growth markets.

Current Rent < Market Rent = Historically poor management = use market rent dataCurrent Rent < Market Rent= Non-Competitive Property = use current rentIf you are going to value add then adjust for a new market rent.

There's some cool old historic buildings down the street.