After that I crunched my numbers and got the comps and it looks like a perfect brrrr or flip, whatever I would decide.

If it were mine I (MIGHT) spray it white, and put shutters on it and add windows in place of the boarded up openings.As well as add a see through commercial style door on both ends of the hallway (rape and other attack prevention) if the area called for it.Cement a few park style BBQ's into the ground on each side (split them up to prevent tenants arguing) and park style trash cans chained to the ground (with lawn personnel responsible for changing out the bags).A repave and paint of the lot (might be a lender requirement).A commercial awning with WELCOME on it (in a bad neighborhood not everyplace seems welcome).The building name and address (easy for Police and visitors to read from the road).Some leasing signs and good look at the roof regarding replacement (for leaks) because the building looks neglected.Good bright lighting (up high on the building) around the building and parking lot at night, and no bushes (hiding places for attackers).I said (MIGHT) above, because I'd need to take a drive around the area and see the competition, to decide what I wanted to offer to make the building competitive without overspending.Also, I'd do that drive and crunch the numbers on it before being locked into a purchase contract for it, because it might be a pass instead of a buy. 

I think you have to just crunch the numbers for real and see if you think it will cash flow.

Seeking connections with seasoned multifamily investors in Michigan.I'm a Mechanical engineer by profession and good at crunching numbers and spreadsheets.

Hi Matt,If I were you I would definitely do some number crunching to help make a decision.Find out how much multifamily units cost in your area, how much you need for a down payment, and what the expected rent is.

We've been crunching numbers on a rental property we're looking at and the numbers seem to work, but the high crime/high taxes of the neighborhood is scaring us a little (in additional to it just being our first investment). 

You can crunch the numbers and do the math yourself.

hi @Salomon Lino - In Boise, it is definitely a product of the inventory crunch.  

If you do want to go that route, start looking for offmarket properties and crunching numbers.

We can help you crunch the numbers to determine if you're better off purchasing a larger home which would net more than your original property, or potentially two homes as you suggest.