Can they combine sweat equity with their investment to transform what their life looks like right away? 

I like that they are usually cheaper to buy because they take a little more effort to make them look modern.

It's harder to figure out the covariance for closely-held assets like what is used in Modern Portfolio Theory:https://www.investopedia.com/terms/m/modernportfoliotheory.aspA bigger issue than the ones listed is general T-I-M-E. 

You need to watch these places somehow to make sure that combination isn't there at the same time.

@Elizabeth Njuguna everything in KC built before 80s and 90s was either cast iron, clay, some combination of those, or on a rare occasion Orangeburg, which they stopped using in the 40s.

I also know if you have the money to spend blowing out a wall and having it enter into the living space is also doable but very pricey.Basement & Bedroom: I would try to replace the ceiling with a drywall ceiling and add some sort of more modern paneling to the walls.

Landlord Friendly laws 5. 10-15% appreciation These are the reasons I chose to invest in Cleveland and I have 12 units in the area with a combination of SFH and small multi family.

The delays in remapping the flood zones by FEMA, in combination with a business partner fallout, as well as having several GCs and architects incorrectly submit permits and plans for approval resulted in a VERY drawn-out project.

Quick info on me: I am 30, married, stable health care job, very frugal, spend about $3000/mo combined with wife, currently at Coast FI through VTSAX and cryptocurrency, but absolutely ZERO real estate experience, including no primary residence because I have worked exclusively travel contracts. 

They are also able to get me a policy with an insurance company (American Modern) for my upcoming STR-Rental that I'm purchasing soon, but I'm also looking at Proper Insurance, as they provide a more holistic (and expensive) insurance policy that covers things like intentional damage by guests and lost revenue.