If I came across that now I would snatch it up and then first d a place to put it.

Is this an A,B,C,D area?

So thanks Joshua D., yes!  

I have also done several historic homes in the past (not historic register or limited in that way) and love to see the transformation.

gross returns are nice but in my mind its all about net... the C class or really probably D class looks best on paper for gross but usually you never come close to hitting those numbers over time.On my A class I break even  and am happy to have my tenant pay my mortgage taxs and insurance for me.. in markets were my profit will be made on resale and or I already make my profit on Go zone tax benefits.but on your gross numbers I think most mid west investors realize the same metrics

Originally posted by @Manolo D.

Also if they are section 8, it is likely you are in a c or d class neighborhood. 

My tip to investors - assuming buy and hold - is to go multi-family in a C-D neighborhood.

Originally posted by @James D.

The neighborhoods you can reliably count on buying for <$30k are, what I personally, would consider to be D class neighborhoods.