You should also look for markets with strong population growth, job growth, modern/diverse economies and favorable landlord/tenant laws that are business friendly.

The seller is a reserved old lady and clearly does not have a grip on the situation.

Are there mini-split installers in your area that can work up high on your buildings top floors.What about heat and hot water, how will that be handled.Can the buildings existing plumbing and the line(s) to the main street waste line handle the bathrooms  and kitchen sinks (1952 lines might be cloggy and an endless source of complaint) have sewer scopes been done to see what they look like.Will you be required to put in fire escapes (as well as other modern fire equipment)--has that been budgeted for.Have you talked about tax abatments yet with the governing authority.Does the area show a shortage of apartments, or will it take a long time to fill units when they turn over.Hows the roof (and the real roof underneath--the wooden one), how many layers of roofing are on it, how many can be on it and still get financing.Does it have some unique history, ie. did Frank Sinatra always stay there, people think its haunted, once owned by the Beatles, etc..Who was the last Hotel Chain to Flag it and why did they shut it down (Legionaries Disease, poor economy, expensive structural issues, etc...)Just my 2 cents. 

Then I added more value through the remodel by gutting it to the studs (almost) and turning it from very old and nasty to a modern masterpiece starter home.

My value play going in is with modernization and rent increases.

Hello ladies and gentlemen, I'm a newbie with real estate investing and this is my first time on the BP app.

I do not want to spend too much on this property so I would like to make it look modern with the least amount of money.Pictures provided: I was planning on painting the wood panelling beams black and the wood paneling near the kitchen white.

Once I moved out of the property and renovated to a more modern looking-property, the townhouse generated 30+ leads within the first week, and it was eventually rented in a little two weeks after the then-prospective tenants offered to pay one year of advanced rent, for a 36-month lease.

For example I can get a modern style kitchen faucet with matte black finish off of Amazon, with very positive reviews, and have it cost $45.

We have issues with noseeum's and lady bugs.