The average price may be creeping close to $300k but they have an enormous amount of land and capability to build.

If the numbers work and you can get the deal done, it's probably not a bad deal.One thing to remember when dealing with time capsules - an enormous amount of building codes have been adopted since the 60's, so you would do well to get a good GC that works on old stuff to come and do a walkthrough before you get too far.  

The resulting downtrend could be enormous.

You can do it for your own property, but not for properties you don't own unless you are a full broker.You would have to be a licensed agent under direct supervision of a full broker running the property management company.There's an enormous liability doing property management because of the fair housing fines.

Since I've become active in Yonkers the last 3 years the property values have shot up enormously surprising a lot of the investors.  

This property had been on the market for a long time, and it had an enormous amount of issues.

Then there is also the enormous alumni network with a ton of wealthy alumni. 

It's completely feasible to achieve enormous levels of success investing out of state - but keep in mind that when you get involved in a deal that is not local you're losing some control, and your visibility & oversight of the deal is dramatically diminished.Unless you're buying a turn key or getting into a PPM or some other commercial investment vehicle with a group that is managed and regulated, you may want to consider keeping it local until you've gained the experience and knowledge, and developed the out of state relationships necessary to be successful from a distance. 

It would help you enormously get into real estate investing and add good income

I also don't put an enormous amount of time into maintaining the site.