Greettings all! The past 6-8 months I've been focusing my attention to (other than my daily dose of Ferrari porn) real estate investment. Ultimately I want to be able to live off the cash flow my rental property would provide me. That said, I was reading the paper in my hometown (central Illinois) and came across an article about one of the Architectural gems in my hometown has recently become vacant due to a faulty boiler forcing the tenants to leave. The owner (a church next door) wants to demo the building and erect the typical, forgettable day care center. As this apartment building is old (1920) and located in a historic district, the building (for now) is protected as a landmark, and city council is blocking the demolition. The city has advised the Church to sell. Some details of the apartment: Built in 1920 9 units, 3 levels Prior to vacating, residents were paying $290-$400 (!) a month. Spectacular architecture. The bad: Boiler repair- est. $20K Repairs to bring up to code- est. $60-70k (according to the church) I was down to look at the building over the holiday weekend, and it looks better than I expected. The city states the property at: $150,000. So I got to thinking...... Purchase and renovate the apt.- $260,000 Up the rent to reflect the area surrounding it- $500-700 ($5700/month) Dedcuct mortgage- $1300/month (30yrs@ 4%) Property management- ? taxes/fees,etc-? So prior to fees/taxes/property management I'm around 4,000/month in cash flow. Do these numbers work? Am I nuts?I will be the first to admit I'm a newbie at this, but it's hard not to think about it, when for the same price up here I'd be looking at a 2,500 sf SFR. I also don't want my want for this building to be saved to cloud my judgement; this has to be a money generator first and formost. Saving a wonderful example of early 20th century architecture would be only a bonus. Any thoughts/criticisms/rants/advice would be greatly appreciated!