REO's and Foreclosures on the same street

[Daniel Kent]

Hi All,

In my search for deals and I have come across a REO property that I think works for the BRRRR method. It is in an area that I believe is improving and has some future development (large luxury apartment complexes set to develop in the area). Researching this property, I found that their are two properties on the block that are in the process of being rehabbed, but there are also 4-6 other properties that are either REO or in pre-foreclosure, some, right not door to one another.

My thought is that these are all properties that I can acquire at a low cost, rehab, rent, and then refinance to return the capital.

Is there something I am missing, or any reason I should be concerned that there are so many REOs and foreclosures on the same block?  Or should I look at this as a great opportunity if the deals make sense?

Thanks for any input!