Is it wise to buy an apartment building in a revitalization area?

[Shannon R]

I'm looking at possibly buying an 80 unit apartment complex in a "rough" city near me. There is a revitalization push going on including a recently constructed casino and racetrack. Alot of vacant properties are getting bought and rehabbed. I haven't actually driven to the complex to get a feel for it yet, I wanted to see if I could get some insight before I put alot of time into this project.

The complex itself has an out of state absentee owner and is motivated to sell.

I'm a newbie at this, any advice?

[Peter Giardini]

Brian nailed this... do you have the money and experience. Two of the three things lender is going to be looking for.

This could be deal for someone... with the right experience and capital.

With that being said, unless your management skills either in managing the property or your property manager are very good.... and your pockets pretty deep to carry the building while you upside manage it and while you hang on for the revitilization to move your way... this will be tough to accomplish.

You need to ask yourself... what did the motivated out of state owner miss that I must find?