I’m curious if you’ve had experience with this approach, and if so, I’d appreciate any insights you might be able to share.Additionally, do you have a real estate agent you would recommend who specializes in investment properties in the area?

Personally, I do not like any strategy or approach that aims to benefit from the misfortune of others.

If everyone took the cash for keys approach, then the odds of a LL getting such a tenant increases.I have never had to do a cash for keys.  

I appreciate the difference in approaches.  

Is it best to approach an architect or a land developer for what I am proposing?

Going DIY and self-managing this type of asset from another state may not be an easy task for such a building and neighborhood, it needs more attention (and probably capital).Try an unconventional approach.

If not, you’re probably better off with a more conventional approach.  

If so, how did you approach it initially?

I’m considering countering with a price closer to the market value, but I’m curious how others approach deals like this.Looking forward to hearing your thoughts!

It's all in how conservative you are in your approach to underwriting your deals.Even when a Seller says they've improved the property, the tenants are still tenants and do damage to brand new improved units.