The plumber turned on a valve, and about 2 minutes later the one remaining tenant ran into the basement screaming that there was water coming from her ceiling.

The unpermitted space would have new drywall thoughCeilings:I was thinking of drywalling the ceiling, except in the two bedrooms where the drop tile looks alright and can be painted white.Fixtures All new brushed nickel faucets for bath and kitchenCeiling fans in bedrooms and new light fixtures (standard HD) in other rooms.Siding:New vinyl siding to replace the insulbrickElectricalOutlets throughout and checking the service is okay (currently there are two breaker boxes + common box)Utilities Want to ensure water, gas, and electrical can be splitHVACThe baseboard heaters look like they’re in rough shape.

Most homes in the area are on a single or half lotThe kitchen and bathroom have recently been updated Fairly new furnace--installed 6 years agoHigh ceilings and lots of open spaceLarge fenced in yardCons:It is nearly 100 years old; still has lath and plaster walls, concerned about leadIt's a C class house in a C class neighborhoodHouse purchased in 1992 for $89,000; has been refinanced multiple times, each time $10,000-$20,000 was pulled out.

Most homes in the area are on a single or half lotThe kitchen and bathroom have recently been updated Fairly new furnace--installed 6 years agoHigh ceilings and lots of open spaceLarge fenced in yardCons:It is nearly 100 years old; still has lath and plaster walls, concerned about leadIt's a C class house in a C class neighborhoodHouse purchased in 1992 for $89,000; has been refinanced multiple times, each time $10,000-$20,000 was pulled out.

It also has ceilings that are lower than 7ft (as does the top unit).  

Also, what should I do about soundproofing floors or ceilings in these old homes to cut down on complaints?

I’ll use a semi gloss bright white on the ceilings and trim.

Even if I paint myself the apartment would take 2 5 gallon buckets at 60 apiece.That doesn't include drop cloth,rollers,tape,buying ceiling paint etc.If the color you are going over is real dark you will need primer and most likely have to patch some walls and do some sanding before painting.2 stoves and 1 fridge 500??

$68,000 Invested with only $1,000 rental income.1,000 monthly just seems to be the glass ceiling for my rental market unless it's a 150K+ home...

It has nice high ceilings (20' ish) and lots of big windows.5.