Those properties tend to be first to fall as when interest rates hopefully drop in coming years more of the better built vintage homes with larger lots and mature landscaping are put on the market.

You can get a credit tenant loan at much higher LTV's from lenders because they see it as less risk.With the seller holding back a second you can get in for not much down.Hit a CAP of 7 to 9 going in and with triple net sit back and collect mailbox money.The downside is rent increases are set in stone and may not rise as fast as inflation diminishing returns.Also you have to pay special attention to the vintage of the lease.Typically they go for 20 to 25 years total.A newly signed lease has more security after the store has been built than a vintage 15 years in.They could decide not to renew and when you rent out to the new tenant as a second or third generational space the price per sq ft will typically be lower.So with 2 million I would do some safe CAP properties and then mix in the distressed multifamily for aggressive growth.

Since it is covered with carpet I would assume it is a somewhat "vintage" wood floor.

Bruce we do a lot of work in Ohio.. and those vintage homes all have basements and there is not many floors that are level or worth leveling up. the row houses we fund in Balt and philly same thing NONE of them have level floors .. :)  as long as the foundation is not going to totally fail  IE bowing out a ton or what have you the tenants in these know the floors will be un even.. this is pretty much standard.. the bigger issue to me is the sewer if you need a new waste line even in these areas its generally 10k plus. ..

I always like seeing restored vintage homes.

was doing well with Single family vintage, eclectic restorations, so we went after same demographic on the residential rent side.

Lots of housing stock in the 1940's-1970's vintage, ripe for reasonable renovations.5.

That vintage of the 1920's I would be shocked that it only needs 50k to 100k of work.Are the rents once rehabbed 1,500 a unit or 500 a unit??

Much of the interior looks to be '48 vintage, but in a good way, painted nicely and in good repair, solid jambs, base, and trim.  

@Christian McGlade There is one in Forney called Vintage Meadows and one in Dallas called Shady Oaks.