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.

According to UCLA we about 50% into a historic bull run but anything can happen.

What is the vacancy rate, historic and current?

If your plans were to take out the repair costs on credit and then refinance to recoup them, I believe your margins are a little to slim and could put you at risk of paying interest on the loan.I know Manitoba does not have historically great appreciation, so I would try to find the highest possible cash flow.If you can afford a multi unit property try looking there.