If your landlord offered you 10 years of affordable rent, would you renovate a home you don’t own? That was the situation Marcos Altgelt, cofounder of ries_estudio, found himself in a few years ago. The deal suited him. marcosaltgelt thought the property showed potential, given its generous lot sandwiched between two popular neighborhoods, but the structure was in bad shape. For the renovation, the designer wanted to “respect what was already there,” he says. And with no limitations imposed by the landlord, Marcos had complete freedom. Now complete, a sober green wall gives little away from the street. The plain white door opens onto a front yard, behind which stands the facade, left stripped down with remnants of old paint. “There are many layers of many people who once lived in this house,” Marcos reflects. “And they tell a story.” Inside, he modified the original layout of three separate rooms at the front by demolishing sections of walls to create a walkway connecting the first two...