If the property has a good cap rate and you can withstand any reduction in rents or vacancy increase from an economic downturn, what difference does it make where the property is?

If the funds aren't there to justify the change then you look at the next use that makes economical sense and is allowed with zoning.

It is worthwhile to have some equity as a safeguard against detrimental economic conditions.

indicates that the area is experiencing substantial economic and growth.Wondering if there any BPer's out there that are currently investing in Lehigh Valley that would mind sharing some of there successes (and failures) with me! 

Ideally, the solution will also be something economical    What would you do if you were in my shoes?   

Honestly, check the sources of the economic variables you indicated.How many cranes can you see downtown?

So a house could have been standing vacant for MANY years before it ever goes to the sale and just might be so bad that it's not economically feasible to fix it. 

Are trying to get out of the property in expectation of economic troubles?

As I look to understand the economics of a deal I'm pursuing, I wanted to get recommendations for good multifamily insurance agents in North Florida.  

Use economical fixtures and appliances.Keep the leasing office clean and not looking cluttered.