For instance, if you live in an urban core with a high walkscore, you will probably see a good return on investment because the new space will be in high demand to rent and purchase.

It would distract me from more core competency of being a real estate investor.

We are a current participant in the Ycombinator Startup School Program (which we are pretty excited to be able to be a participant of), we are right in the halfway point of the program and will be applying to their core incubator program. 

It can work if, like David Green says, you have a good group (I think he calls it core 4) in those areas that know what they are doing.

Don't buy in the roughest neighborhood in the urban core.

A core object of the venture is to create an asset with a view to sale or flotation in 5 years?

I’m currently trying to assemble my core team and learning everything I can from them, as well as reading all kinds of books on investing.

However, in the urban core, there are pockets of “ok” blocks or streets, I could definitely tell a difference as I drove through.  

There is and will continue to be ripple effect throughout other new construction apartments around seattle,   but if you are in a different market segment  (older /  more affordable apartments, non-core neighborhoods,   or SFR's as are I suspect most investors on this forum)  I'm guessing it won't make too much difference.  

In truth @Matt T. there can be times when negative cashflow is a good idea but it will only be when there is a compelling reason such as:1.