I think there are two maybe 3 ways to look at this in my mind.  1) you go into it and bring it all up to modern standards but using that old charm to basically take what is there bring it up to modern standards and rent it out essentially I'm thinking cocktail bar or something trendy like that.2) most banks are on really good centrally located real estate if this is true, then I'd consider it for the dirt, plan to scrape the lot and go vertical with whatever the highest and best use is.3) a kind of combo of the two, if the lot is in a good location and its doable, pull the vaults or other "character pieces" out of the building, scrape the lot, and build whatever is best suited for the site there, but incorporate those historical pieces into the final designs.Is the site near a major retail area? 

I own a couple rentals in the area that I am looking to refinance.

Have you looked up the properties in question?

Since you're aiming to purchase a multi-family property in Long Island, especially with the help of a capital partner, it’s crucial to run the numbers carefully (rental income vs expenses) to ensure you’re set up for success. 

The company I worked for even had a relationship with the property manager.

Thank you Tim, Sorry for the late response 

So the loan for the rental shows as a debt but the income is not reported to the bank where we are trying to get the new loan.

I  am from New London County, grew up in Norwich/New London, and own a multifamily in Mystic, CT. 

Cash How did you add value to the deal?

I recently went back to school and racked up student loans onto my already high balance.