Buying in a desirable macro economic market with poor comps

[Jason Blum]

I have been hunting for a flip in a market that has huge potential, the problem is that the inventory is poor. Houses are dated, all need work. The comp's are not attractive, not many homes have been properly updated yet. By updated, I don't mean a Dwell home, I mean something less but modern/nice. If I update the target house it will be the best house in the area even with a slim budget. I feel like I would be the first guinea to get the ball rolling. As an investor I'd rather see long term home owners making the updates to bolster the market, then jump in. But I am not seeing it yet. The median household income is $73k+. I recently sold a house in a market with $76k median @ $2M(20 miles south of the new target). But the 2 mile radius comp's had million dollar homes in it. 

Should I pass or take the leap and develop the market? Even for a measly 25% ROI. Maybe I am too early?