Converting pool and shop to studio

[James Wong]

I have eyes on a fourplex with 3 outside buildings, a swimming pool ( not commercially up to code and locked), a pool house ( rented out for $150/ month as office by a tenant) , a shop. The fourplex had decent income,but insurance and tax is high for this property $488 per month,  and the water and garbage fee is higher too ($128/unit). I think the only way I can make a decent cash flow is to utilize the shop and swimming pools by converting them to live space. Is it something doable and feasible or should I stay away from this property. This property was built in 1980 and seems to be a community center but now it was on its own so three outside buildings are not used for any purpose other than a pool house which became an office. 

I think the only way I can have a decent cash flow is to utilize the shop and swimming pools by converting them to living  space and rent out. Is it something doable and feasible or should I stay away from this property? Two buyers backed off and the property is on market the third time. Is this a sign I should not touch it?