Abandoned 12-unit building in West Atlanta, no parking. Too bad?

[Roman Rytov]

There is a two-story building, built in 1920 about 9000 sqft consisting of 12 one-bedroom units with only 3 parking lots. It is in a low-end area of Atlanta (West Atlanta) which is going through a lot of changes and theoretically possesses some potential for growth. The building has been abandoned for a long time and requires a major investment. Before though calculating the ROI and how much it may cost my question is does it present too many unsolvable problems and should I walk away even if the renovation/purchase numbers make sense? Roughly speaking, I envision the building can be ready for 700-800K (purchase/fixes) and a unit rented for $650-700 targeting in today's money about 9-10 cap assuming 10 out of 12 average occupancy.

However, I'm more concerned about its vacancy rate and its turnover. With only one-bedroom units and the lack of parking what tenants can I get? Possibly not the best but causing high turnaround. On the other hand, the area represents a potential of growth and the numbers allow some room for an error.

My current tenant profile, the area of investments (SFH) are very different from this type and the agents/PM company have no experience with this type of the deal and properties. Needless to say, they're talking me out of this deal.

Walk away or check something else? Thoughts?