I envision it as a minimal, modern, outdoor-focused community that is affordable for people like ski instructors, waitstaff, ski bums etc. that are currently being priced out of Truckee and vicinity

These were modern glass-and-steel structures with the new urban appearance.

A friend went with an ikea ultra modern look.

@Thomas HickeyHaving ungrounded wiring can be problematic with some modern electronic devices, so the first folks to find problems will likely be tenants.I would check with your insurance provider as they are the second most likely group to provide encouragement ("carrot") to upgrade the electrical ... particularly if you have knob-n-tube.Code enforcement will likely be third in-line in with a predominately "stick" approach to compel an upgrade, but in any jurisdiction where we operate these things do not usually "kick-in" until you "touch" something  (i.e. electrical or the walls themselves).You could look into the possibility of using GFCI outlets as a work around.  

If people are looking to generate cash flow / income, then "total value" isn't / should not be their focus, it should be however how to increase income by acquiring properties at a discount, that need significant work or they have some unique strategy of increasing income (ex. modernizing the house, adding a room, etc.). 

I have a Bachelors of Science Degree in Business Administration/Finance and Real Estate and also have brokers license.It was a decent foundation of education, (Principle of Finance, Appraisal, Law) but in hindsight 24 years later, I could design a " fast track" course schedule that would be beat the pants off my formal education.It would be a combination of college level courses, professional classes, and real world specific education.I actually had to "unschool" myself a little bit from my College experience and real estate license course study, to become a better investor.

(Which is too bad because I'm a math/science geek.

(That's what you get with modern bank personnel).

It had very nice finishes, granite counter tops, garden level windows let in lots of natural light, new paint and carpet, modern sliding doors, tasteful bathroom (granite, rock floor in shower, high quality tile in shower, fancy sink), and huge, 1400 sf 2-br 1-ba.

It's not rocket science either.