It's the biggest historic district in all of the US.In the 1940's several of these houses were converted to multiplexes to help in the war effort.

@Adam Connolly, if you're paying normal market value, AND getting good cash flow at the same time, then yes, you're not buying in an appreciating market (but a war zone, maybe).The trick is to NOT pay normal market value!

Hi BP, I recently walked away from a deal because a seller home was unpermitted to be a multi family ( he also had tenants who were paying $1,150 which they broke their lease ,because of numerous reasons at owners fault) I have a buyer willing to buy but seller doesn't want to drop price any further to what the buyer will be comfortable with, should I continue to see if a buyer would be willing to buy it unpermitted at agreed upon price or move on to the next deal ( owner and tenant both called the police on each other, it was a show) it is a good neighborhood with waterfront homes.

This is religious war territory.  

I drive for dollars ( looking for vacants or for sale by owners) also when I'm  looking up an address on the tax appraisal I check every address that pops up and usually look for out of towners who have  had a property for 8 years or longer ( its a way to get free leads for me).I'm in jacksonville yellow paper 50 sheets $1 at dollar tree, envelopes small size 80 $1 at dollar treepost stamps 20 for around $10 or 100 for around $47 ( just say $50 to be safe)gas $10 don't be afraid of war zones ( lots of vacants and some buyers do buy for rentals in those areas).

There are numerous properties like this, it just takes time to find the right balance of purchasing in an older complex (lower cost) that's well maintained.

I've looked at these areas numerous times.

I currently have a great night time position that allows me to have numerous time on my hand to take up investing.

There were also numerous box-springs, mattresses, etc in the house.  

After the market dropped out I started building technology companies and have been doing so ever since.As of recent I have been building a geospatial search engine which aims to simplify working with numerous geospatial data sets (i.e. zoning, overlays, parcel outlines, etc.).