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I have a rental from this period and had to do major repairs. I could have torn it down and built a better home for less money, but chose not to. I did a lot of "while you are in there" work. Once the walls were open, poor wiring, plumbing and insulation are expensive, but obvious fixes. So are HVAC, roofing, foundation, etc. (jacked up the house and poured a concrete slab and at the same time, turned a dirt floored basement into good living space). It was costly, but in the end, gave me a problem-free home that was relatively new and modern inside, but looked like it did when freshly built in the '20's on the outside. It has been constantly rented at higher than market for almost 10 years.. and the value is much higher if I sell.
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74 Targa 3.0, 89 Carrera, 04 Cayenne Turbo
http://www.pelicanparts.com/gallery/fintstone/
"The problem with socialism is that you eventually run out of other people's money"
Some are born free. Some have freedom thrust upon them. Others simply surrender
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