All in, we are spending about $50K on the renovation and hitting high value items like kitchens, bathrooms, appliances, lighting, paint and trim, etc.In section 946 of the tax code, (https://www.irs.gov/publications/p946/ch04.html#en_US_2013_publink1000107513) there is a run down of what useful lives you can use when you spend capital on a residential rental property.

I'm not trying to make fake numbers work, Im using what's available to me for similar cap rates for the zip code and using similar purchases based on unit price and another one I am currently looking at makes sense. 

@Lawrence SmithI currently just purchased- target zip code, assessed value, owned property for over 7 years, absentee owner, over 40% equity.. you can add to the list or change it how you would like and the purchase price is based on the number of leads..

I would look for recorded code enforcement notices that puts the property on their radar.The old guy may not be the owner.

National Coding System File Number(s) 11950-1 Effective Date January 1, 1991``````````````````````````````````````````````````````````````````````````````````````````A.

The original electrical would have been installed to run a few incandescent bulbs, a radio or two and perhaps an early appliance and was not designed to handle today's electronic demands.Another thing to keep in-mind, depending on when the property was converted to apartments, is that the conversion may not - quite likely will not - meet current fire codes, which will both impact your insurance rates and your renovation costs when you do undertake a substantial rehab.That gorgeous exterior, with it's clapboard/shakes (or era brickwork) and elaborate trim will be high maintenance - that does not mean it's not "worth it", just that you need to budget accordingly.Personally, I enjoy performing deep energy retrofits on these old buildings (which can be very solidly built), but it can be an involved and costly experience, hence we are always looking for the unloved and run-down which can be purchased cheaply.If that house has been 200+ days on market - and no other landlord or investor has touched it - tells me there is a problem with the value proposition of the deal.  

Find another Realtor instead of worrying over whether he is violating the code of ethics.

Some neighborhood associations may be against these or have special rules/codes that will require a larger investment than you initially thought regarding a rental space.  

Code cited above is new and a real ringer! 

James Bowie “Podio is great, but lots of maintenance/developing. “ Jonathan Ulyatt Pros: “Podio Lite is free up to 5 employee seats, up to 5 external teams”, used by over 400,000 for collaboration, mentioned several times on BP Cons: Need to build projects from scratch, not designed for real estate, CRM that you have to “code” to yourself (according to Lloyd Stanton)“In my experience there aren't a lot of CRM's that do everything.