A large factory near by that announces layoffs or a closing after you buy can change the market of a neighborhood.

The complicating factor is that although the lease specifically states that there is a security deposit of two months rent ($2,200 total), the tenants were told verbally they could use this amount for their last two months rent, leaving zero security deposit at move-out time.

Everything up there is mainly factory based.

So the time factor is limited...  

The most important factor is to begin at once.

In our area(s) and experience (which feels more limited as time passes) a rooming house serves a distinct clientele:  a) university students (perhaps a sub-population such as international students); b) work force for a major employer (factory, refinery, mine, hospital) or c) those on the margins (those one step from the streets, the mentally ill {as governments have closed most of the traditional homes and care facilities}, the addicted, etc).  

They want a spec and plans and they want to fabricate the homes and move on to the next one, like a factory does.

Anyway, I'm sure you will find it worthwhile to visit Tampa and specifically Ybor City, where you can still find a cigar factory or maybe 2, plus a lot of fun of Friday and Saturday nights.An efficiency is also known as studio apartment or apparently bachelor apartment (I think I heard that on BP?)

On the farm we called that buying a dead horse, one just about ready for the glue factory.

I built one in Palo Alto in 1988.. for instance.It was modular built very high end built in a factory in Lincoln CA.. with all European parts ... it was freaking awesome nothing could touch it.