If you saw the issue and chose to close on the property anyway, that’s going to be a tough case to win. 

Which is true - but the refi is going to cost you $3,000-$5,000 in closing costs again - which actually moves you backwards by a couple of years to recoup those costs at the $200 more per month you will make once rates get back down to 5.x%.My bet is that unless you can find some seriously undervalued real estate that your numbers won't look pretty at 8% interest (all in).  

You can probably do it in areas without zoning or farmland, but it is very difficult in a traditional residential zone.Your best bet is to look for areas along busier roads that are currently residential and turning commercial or already turned commercial with lingering residential.

If you're using all cash then obviously that's not an issue.Another thing to consider is if the land has deed restrictions, checking on the city website or MLS would be your best bet there.I'd love to learn more about what you're trying to do and maybe be able to help answer any questions you might have!

But it doesn’t take many properties to turn many disappointments into a massive win. 

(Fun tip: Tenants in those buildings love to narc on each other for sport.)I agree with everyone that said build a fence - especially since it is your primary residence.You aren't going to win here.

I do agree that mechanical upgrades are a good idea if necessary, those are almost always a safe bet for ROI and resale-ability.

Quote from @Peter W.: In my state (NY) you have to accept these sorts of requests unless you can find a valid reason not to.

I bet you do a great job rehabbing!

Quote from @Thomasina Pearce: Quote from @Gladimir Lobo: Heading downtown to try your luck at Jack's is a much better bet.