The other thing is unless a lot of these upgrades you have to put into it add to the market value of the property there isn’t a great return on your investment. It seems that roofs, plumbing, electrical, insulation, furnaces don’t give you that return ratio of getting $2 market value gain for every $1 invested. Where new kitchens, baths, paint, flooring, fixtures, can give you that $1=$2 gain.
I love the old houses and that area too, but I don’t love any piece of real estate enough to not get a decent return on my cash investment. That’s why it can be good to find a good deal on a short sale where the former owner sunk a ton of cash into it and did all these upgrades already.
