It’s a converted attic space and was being rented out previously.Looks like it was built in 1910 and Remodeled in 1955, I would guess that was when the apartment was put in. 

It seemed the bones of the home were good and the challenges we would face in remodeling would be achievable.  

I had all of the window trimmings redone.Hired local people to remodel a bathroom.

I brought my cousin (from the bay area) to come down and remodel the entire condo.He removed the popcorn ceiling, carpet, old windows, cabinets, vanities, showers and added tile, windows, cabinets and all new hardware/appliances.

A studs-out remodel.

My family will live in the main house and are hoping to turn the 4th bedroom into a small studio apartment and rent that out also since it has it's own attached (already remodeled) bathroom and access to a fridge and washer/dryer.

My family will live in the main house and are hoping to turn the 4th bedroom into a small studio apartment and rent that out since it has it's own attached (already remodeled) bathroom and access to a fridge and washer/dryer.

So I could buy and change nothing, because the 2 tenants are happy with the way it is and have a great cash flow or I could buy and evict them, remodel and get even a little better cash flow.

You invest the remodel funds and then share profit when the property sells.

Even with a full remodel it may be difficult to get the value back out.