In terms of rents, I've been looking in some of the "trendy" areas of town, where it seems like people are actually willing to pay a little more for a unit with some vintage characteristics like original hardwood floors or exposed brick, etc... rather than a place in a newer 100-unit apartment building down the street with laminate flooring and smaller rooms.

The ongoing repairs and the capex will be the killer to the cash flow.I think you should research heavily the vintage of the 20's for all know issues.

I suppose there might be some with basements that would look that way on paper (that vintage doesn't have egress windows in the basements).

But, I'm glad vinyl siding is not used, as I do love to see the authenticity and beauty of vintage home brought back to life.

In Chicago there are many vintage units that are in high demand and everyone uses window units. 

But for something from around 1920, it may have already been refinished several times; I recently had 1920 vintage wood flooring refinished, and it does not look like there will be another sanding left ...One thing not yet mentioned is that 1920 vintage housing often used heart pine planks as the subfloor.

I find folks like the vintage look.)Stainless steel sink with faucet that came together in kit for 99 bucks.Textured plastic wainscoting in bathroom and same material in tub surround (the stuff you see in public bathroom and commercial kitchen walls).

Vintage untouched 1954 where the original owners died and the kids are trying to sell the property through a realtor.

Hi Michelle,A 65 year old building places it at 1949 vintage.

Careful review of the leases and who is backing them is key along with what vintage they are.Difference between NN and NNN etc.