@Michael Lenahan in your area there are many historic properties with finishings that would be expensive to replicate.

@Michael, on the surface of it, this would be an excellent opportunity to MAXIMIZE your borrowing (at historically very good Rates) at just 3.5% down on your next primary home.

I live near downtown Durham and there are a lot of historic properties in this area.

Because it is a historic and classic home, look also for a local group of those who are akin to historic preservation.

Historically, though, lenders have not exercised their right to call the loan due.

Still, it makes it very hard because there is no historical pricing model that still works for the area. 

Make sure it isn't in one of the many historical districts in Richmond.

Now below 20 in the historic west end and adair park and parts of oakland park the boom has happened and is growing.

As far as this property goes, I'm putting it on the back burner for now until I check-up on the areas of concern that you have noted.1) Checking how rough the area is.2) Checking if and what the violations on the property are + how much they will cost to be dealt with.3) Checking if it is in the Historical District.

They may not have historical data but current data can be provided to offer a snap shot.Compare the information you receive to other similar units/developments in the area.How is the property valued?