Using modern windows in a house that old never works out well.

And the profit wouldn't be all that greater on that one and the profit on that one with all cash would not even be half of the profit of the other four combined, so...Helps spread the risk around as well.  

I think it’s a combination of several factors: The subject property is not that attractive to some of the buyers.

Elevations not seen from the street can go either way without spoiling the style.Keep the pocket doors into the kitchen - - just so charming - - and keeping them closed as much as possible allows a full modernization of the kitchen.Vicys have notoriously small rooms, so combining rooms or creating entirely new floor plans is fine, but pay attention to the style details.

In the current market, I would focus on Tacoma which has some really awesome neighborhoods with great old houses (I don't care for modern ~post 1940's construction) at 1/2 the price of similar homes in Seattle.

Their interest rates are higher than my local lenders but they specialize in this field.4) Hard money purchase rehab, end lender refinance5) Buy and rehab all cash and then refinance.6) Combination of Hard money for purchase and rehab and use private investors for the long term refinance.7) Do any of the above 6 and then after 20-30 then go to a commercial large player (could still be the local bank just probably different division) and get a blanket portfolio loan to wipe all those properties down. then go back to filling the bucket for another 20-30Also make sure to mix you lenders.

I'm a numbers guy, and I really love the combination of investing and financing options.  

During this time, we had the first time buyer program which gave buyers a credit to buy a home, we had a huge amount of REO's in the market and very few standard sales which created an easy buy opportunity combined with an easy sell opportunity. 2010 continued like that and after the buyer credits expired, the market slowed down considerably.

Somehow Florida has managed to combine both.

The plumbing for 4 unit might cost $6,000-$8,000 for per unit cost of $1,500-$2,000.3) One siding/exterior to replace/maintain vs. 4 for SFHs4) Taxes for 4 SFHs combined will be less than taxes for 4 unit (at least in my area)5) One tangible asset to manage vs 4Benefits of investing in 4 SFHs1) Tenants responsible for all utilities2) Tenants responsible for lawn maintenance and snow removal3) Generally, tenants tend to stay longer in a SFH vs an apartment4) More exit options vs 4 unit.