Items that I like to see original but in good condition are wood trim/custom finishes, windows (really love sagging glass in an old English Boroque style sash window with 6-8 panes, but only if they’re in decent condition and not too rotten to be repaired), fireplaces, custom masonry, claw foot tubs, and even tile/bathroom/kitchen features and fixtures as tenants love that old-timey charm (as long as it’s well-cared for and still functional of course).

I'm located in northern California -in Sonoma county with quite the challenging market forces in cost per square foot but not increased rents and thought this would be a fun game to play.

I'm located in northern California -in Sonoma county with quite the challenging market forces in cost per square foot but not increased rents and thought this would be a fun game to play.

@Douglas SpenceGetting things up to date will help, painting is the greatest return for DIY in my opinion, but adding square footage, converting a bedroom or bathroom really raises the appraisal up, otherwise you’re squeezing to get that high price per square foot with what you have, but limited to the comps in your area, which are often slim with MFHs.

If when developed landlord in exchange for high TI the tenant agreed to above market rents for that box size you could have an overvalued property.Example purchase price at 2 million at 9 cap.  180,0000/ 5,000 sq ft building NNN NOI rent = 36 a foot.Market research shows rents for that box size and quality location now average 30 a foot or 150,000 NOI value150,000 NOI / 2 million 7.5 cap now.So I look at not what is in place cap rate alone but dirt value.

Code 65852.2(e)(1)(D) - "Not more than two accessory dwelling units that are located on a lot that has an existing multifamily dwelling, but are detached from that multifamily dwelling and are subject to a height limit of 16 feet and four-foot rear yard and side setbacks."

But it sounds like you just haven't found your footing yet as an agent.

However, If you just start today putting one foot in front of the other and refuse to quit, you will most assuredly do very well with Real Estate. 

We charge $2 per square foot, which I believe is the cheapest you will find anywhere. 

Definitely being young look into "house hacking" to get your foot in the door of REI as well.