Core Insights - The article discusses the increasing interest in old, low-rise walk-up apartments, often referred to as "step-ladder houses," due to their affordability and potential for investment returns [2][3]. Group 1: Market Dynamics - There is a notable trend of investors purchasing old, low-rise apartments, particularly top-floor units, which were previously overlooked due to their age and condition [2]. - Prices for these properties are significantly lower compared to newer developments, with examples showing a 30% price difference for top-floor units in Jilin and a 4000 yuan price gap in Shanghai compared to lower floors [3]. Group 2: Government Policies - Various local governments are initiating policies to stabilize the market for old properties, including buyback programs for unsold inventory and incentives for property owners, which enhances liquidity for these previously stagnant assets [5]. - The government has plans to complete the renovation of old residential areas built before 2000 by 2025, focusing on properties with safety concerns, which could lead to increased demand for these old apartments [9]. Group 3: Investment Opportunities - Investors are betting on potential demolition and redevelopment opportunities, as compensation for demolished properties is based on area rather than floor level, leading to high return rates [7]. - Even without demolition, ongoing renovation policies are improving the living conditions and rental values of these properties, with rental income increasing by 15%-20% post-renovation [10]. Group 4: Property Characteristics - Walk-up apartments generally have a higher usable area due to lower common area allocations, making them more attractive to buyers and renters [12]. - Key factors for selecting these properties include location and proximity to essential amenities, which can ensure higher occupancy rates and easier resale [13]. Group 5: Target Demographics - Low total price and small unit sizes make these properties appealing to middle and lower-budget investors, allowing for easier turnover and lower financial risk [15]. - Top-floor units are particularly favored due to their lower prices and potential for high compensation in case of redevelopment, despite the inconvenience of climbing stairs [17].