You could modernize it, keeping the external historic charm, but the inside layout is not geared for modern living -  20' wide grand stairway w/ 16' ceilings just isn't practical in this day and age.

Account Closed  I do see things wrong with the plan, specifically, the layout.

Meeting these historic guidelines is often counter-intuitive to some developers (ie you can't expose a brick wall if it was originally plastered), but the t.c.

I am going to read the Guide you suggested and lay out what my plans are.

I've got a 4-plex that is similar to what you described, 4 good sized units with decent layouts, just haven't been updated in 10-15 years with minimum work done on turns by the previous owner.

As a default, I think we often use our intuition in assessing the 1001 risk factors but I've seen investors just ignore them as well.

I will have to respond to you later tonight and also lay out my educational steps I have been traveling to this current Financial Freedom plan!!

Say you have a property that has good layouts in an attractive area but it really needs some modernizing in the common areas and in the units.

Designing everything from the lot layout, roads, water & sewer utilities, to the grading and storm drain on each and every site that comes into reality.

Joel Owens Thanks for helping lay out the pros and cons.