(not counting the renovation) I think it's tough to find a deal like this in Chicago on the North Side, where you can sleep peacefully at night and not worry about someone breaking in, or a drunk and disorderly, including being located in a  highly rated school district...I understand appreciation, and gambling on neighborhood gentrification isn't a primary concern of mine, this is a risk-free, safe return play.

Banking on appreciation is like gambling.  

Having 650k cash and not knowing anything about the market is a complete gamble, not an investment strategy.

When better options are exhausted or too costly the other options (such as IB, border state area, and to a lesser degree Oceanside (which has already experienced significant price increase)) are what are available. 

So yes, this property would be a C class, bordering a (D)o not enter zone, close to the University of Spoiled Children (Sorry, go Bruins).

The only gamble is if this tenant is a fluke and the space is in a location or a configuration that a replacement tenant would be difficult.

Yesterday it came out that they're now possibly proposing the site for a future casino, if the Georgia legislature approves 3 casino/gambling sites for Georgia at the next session.

@Betseat Getachew - If you will explore a little outside of your target area of Dallas and consider Tarrant County as well, you will get much more for your money (Dallas/Tarrant border each other).

But if you're going to use all cash and therefore gamble large sums of money at least promise me you won't try to juggle family, a flip, and a full time job.

No one can answer if interest rates will go up or down in the next 2 years, but if you had to gamble you'd gamble up since they're already near historical lows.