Historic Preservation Tax Credit: The House would completely eliminate the credit.

Those sellers today are pumping 6.5 caps on 20 to 40 year old buildings saying 3% vacancy, 35% opex, 4% rent growth etc. when historically the numbers are closer to 10% vacancy, 50% opex, and 1 to 2% rent growth.So many investors chasing this stuff right now.

Historically, real estate investors always do ;) 

Others are shall we say 'more lax' and you are lucky if you can get a current rent roll much less real historical stuff (e.g. utilities, maintenance, etc.).With individual smaller properties, you many times have long term holders, sometimes decades, who just did what they wanted to and never worried about 'all that stuff'.It always astounds me when a Seller is not willing to do the 'work' necessary to get the highest and best price for their property.

This was a calculated decision: Elgin is only 30 minutes from Austin, it's got a nice historic downtown, and there is a group that's planning to build the Elgin Agrarian Community, a 24-acre community of 80 green-built homes with a 5-acre CSA farm, jogging trails, a craft brewery, and a spa / events center. 

The Mortgage document says that these notes can be increased or decreased depending upon the amount of Massachusetts historic rehabilitation tax credits and housing development tax credits. 

I am also currently drooling over a property in a historical neighborhood in our town. 

Request historical financials and see what operating expenses have been for the last few years.

Keep a track of your analysis, you may find a property that matches a previous property analysis and can narrow down your decision from that historical data.

I think the biggest thing right now is rising interest rates, would be nice to lock up another property or two before rates go back to historic levels.