If you get a really good deal on a old building a total rehab may be worth it especially if you modernize it and still keep the old house charm.

I am in the research phase of possibly developing a modern gated community.

Before modern construction materials, you had plaster and lathe (instead of drywall), you had aluminum or knob and tube wiring (now it's copper) you had steel pipes for plumbing (now it's copper and/or PVC) and you had stone basements/foundations (now it's cinder block or poured concrete).

David Greene talked about finding a real estate agent, contractor, property manager etc in a town that you're interested in, and once you have a great team you can use modern technology to make remote investments.  

Mid-century modern or other distinctive architecture and design styles, unique breathtaking pools, and high bedroom/bathroom count homes are some of the tried and true ways to stand out here. 

That shade of blue is more modern and the text is more impactful.

It is more modern (drywalled), larger than my other homes, and it it only brings in about 75% of what my top performer does. 

Going are the awnings, japanese blinds and front stone finish ( replaced by a,more modern stone).

@Jay HinrichsFor my 2 cents you are right about the value proposition not necessarily being clear vs. just buying off the MLS as well as about some of the pseudo science being talked about related to looking at properties. 

Today I live in a very new, nice, ultra modern building with an entertainment area, nice landscaping, water fountains , lawn area, security etc. etc.