I Found a Cool Property, Whats Next???

[Spencer Davis]

Today I drove past this very run down property. It appears to be a vacant 5-plex. This property intrigued me so I decided to dig a bit. I am interested learning more about this property and if it could be a opportunity. I am trying to figure out what my next steps are. I found the owner (out of state), his address, and phone numbers. I feel like a freaking computer wizard for doing this. I feel uncomfortable just cold calling him. The other option is to write and mail a letter. Which do you think would be more effective? Here is some information from various local mapping, plot records, and google wizardry. (Also I haven't seen rents near me for less that $900 for a 1b 1br)

The owner is in his late 70's and has owned the property since 1988. 

The property was built in 1952

It is classified as commercial property

The building is estimated by the town at $7000

The land is estimated by the town to be around $240000

It is on a 1.5 acre plot

It is zoned in an area that the city wants to gentrify through supporting the development of new business centers

there is enough room for a commercial business and parking-lot.

My questions include the following: Knowing what you know, what would you do next? How should I make contact with the owner? What should I tell him? Would you Renovate the units for rental income, would you subdivide the plot, or hold it in the chance it could be bought for a business? Where could I get the money for this (College student)? What other questions should I be asking?  

Any discussions or advice is appreciated. Feel free to ask me questions. Ill do my best to find answers. 

Thanks,

Spencer