Both state and local grant agencies seem very receptive to the rejuvenation of these properties and their towns, and we are hopeful we'll find a grant that will partner with us.Thank you for reading and if you have any suggestions please post!

On the flip side it is always gratifying to rejuvenate your investment and no one is going to take care of it like you will.My advice would be figure it if you're going to self manage or outsource.  

That being said there are lots of military here, the lowest unemployment rate in the nation I hear, and the city is going leaps and bounds trying to improve the streets and rejuvenate areas of town.

Now looking at new project...On my bucket list: medical/prof'l bldg, vacation rentalShopping center, neighborhood rejuvenation projectNot really interested in multi unit..but who knows.

If your house is of this construction, there is no practical way to inject/blow insulation into the wall cavity and you are left with the choice of either gutting back to the studs on the inside or removing the exterior cladding and applying housewrap and rigid insulation on the outside.If you do go the interior route, be prepared to encounter hand-sawn timber with substantial variance in dimensions - meaning you will need to shim and plane, or strap, to create a plumb wall for hanging sheet rock {putting back lath-n-plaster would be cost prohibitive and, in our case (a rental), non-compliant with current fire code}.Old buildings can be rejuvenated and made much more efficient, just factor in an additional 10-15% in your reno budget to address any discoveries.

Their particular unit also suffered from deferred maintenance and pets (3 dogs).My first inclination was to get rid of the existing tenants, rejuvenate the unit and list it at market rent.

It also gives a feeling of rejuvenation.

This should let money rejuvenate  and add up fast to pay off your property

@Jonathan Baker We are buy-and-hold investors of multi-family properties and your dilemma is common among wholesalers - we have had very few deals brought to us that actually make sense.We target properties in need of rejuvenation in order to a) be certain the end-renovated property is to our standards and b) to increase rent revenue and, by doing so, to increase the value of the property.A multi-unit will be a little different than your example of an SFR in that they are valued predominately on the income they produce and not on comparable sales prices.  

Meetups and community events can be a great way to remember you're not an island and to rejuvenate your excitement for what you want to accomplish.