I would hate to continue to be drug through the mud on this one just to be told that they wont release it anyway.

The current zone is UCX (Urban Center Mixed Use District) and for it to be compliant, it needs to be MUD (Mixed Use District), CMUD (Commercial Mixed Use District), or CC (Community Center).

The current monthly mortgage is $1170 (includes escrow covering: insurance, county/MUD/school taxes), should be less after the changing the insurance to landlord /dwelling insurance. 

@Brian Beck My initial thought was to fill the low spots with floor mud and or leveling cement, then lay a thin sheet of ply on top - Followed by thin floor mud in the seams.

Just make sure its not vacant for a reason that you can’t fix (bad neighborhood, undesirable area… next to airport, pig farm, flood zone, etc).

I wanted something that needed work or was undesirable but did not require extensive work.

A little mud, sand and paint and it looks a 1000 times better.  

The question then becomes, how big is the grow operation and is it attracting undesirable people to the property?

Unfortunately, we are late in the cycle and the multifamily property types you're pursuing (not just in Denver but in other desirable markets and undesirable ones too) have lots of competition for buyers, often unsavvy ones who are not carefully underwriting their deals and as a result driving up the price per door or family offices/UHNWIs with patient money that can afford to buy at lower short term yields than you or your investors may be willing to tolerate.As investors, we all must proceed cautiously at such elevated pricing:Investment performance relies on strong rent growth and continued low cap rates at refinance or sale.Demand has pushed prices for riskier properties with less upside to unsustainably high levels. 

As long as its not textured wallpaper just cut out the seams, mud them and then oil prime it.