The Trout Farm fell into disrepair the last 10 years or so but a local investor has since purchased it and is restoring it to its former glory.

I'm new to the world of rentals, and I have a historic restoration that I just completed and have it listed for rent.

I realize I like cap rate because it ties the property price and value to income which helps me know I am getting a good value on the property... considering my main focus to date in real estate investing has been buying under valued houses, restoring them back to market condition and profiting on the valuation change it's easy to see why I put so much focus on up front purchase price.

The pool was restored & with a screen enclosure to complete the look.

@Stephen DiNanno I have had great luck with Restore Habitat for Humanity and found many varieties while spending 30% or more less than the home improvement stores.

There is a program out there that is 100 bucks per month called exactimate that is used in insurance restoration.

I was able to carefully choose my stays using the profiles and was able to meet and spend time with a priceless variety of people: people with cats, people with awkward teenagers or adorable tantrum-throwing urchins, people who lived in semi-restored historic ruins, bohemian weirdos with artsy communal lifestyles, widowed intellectuals with priceless antiques and hours to spare patiently correcting my grammar, people who forced me to eat and drink meals worth 3x what I was paying them, all of whom didn't speak (or agreed not to speak) a lick of Anglais. 

So now instead of ripping all apart and replace with new, I "just" have to restore it.Now does anyone have experience with restoration?

Habitat Restore has been a great resource for me in both locations (home and Florida). 

Habitat Restore is my favorite.