But I can do some cheap upgrades to differentiate my units from the 8/10 units around me that are consistent with all the other houses in the neighborhood - which cost me even less than 1 week's vacancy, most of which will continue to add benefits after they leave. backsplash for kitchen or around vanity top (<$100), matching light fixtures (~$10/apiece), clean the unit and underneath the sink thoroughly!

Our mailers to facilities with managers often never make it to the owners because the manager takes one look at it and thinks, "I don't want my job to be sold out underneath me!"

Also, ask the neighbors (if there is any) about the soil.

I am under contract for a 72 unit property and we got a bad phase 2... the lead levels in the soil are above the threshold.

I Highly recommend asking if he has any soils reports, surveys and any engineering reports for the property.

I discovered the first home was graded well, but the backfill was soil not gravel.

Of course, I commend you for supporting your community by investing in depressed neighborhoods.As for "the little equity you have will be hard to get when times get rough" - I intend to be conservative with how much of my personal money gets allocated to this project, so hopefully I never have to pull the rug from underneath someone who benefits from affordable housing.

I was trying to use creative financing if this house is even worth the headache (since it is old, and never know what problems lie underneath).     

It is especially important to have someone local as they may know a lot about the soil conditions in your neighborhood.

I find it quite unique and could be give the house some character if paired nicely with a neutral or earthy colored siding.Ripping it out will cost a decent chunk of change$, you won't know what you will find underneath.