If I were in your shoes, I would dig deep into the numbers and try to understand how the asset can reasonably perform in your market.

Aside from that you will need vey deep pockets to be able to build the infrastructure and carry the property for a decade before you see any positive returns.

I couldn't compete with the deep pocket investors out there.

I am very tight with my Banker of 24 years.. and when we do social things together we get to chatting.. they wont even look at someone with no experience .. unless they are a VERY high paid W 2 or business owner that is going to drop a million or so in their bank and they do it for the on going relationship.. and its gotten no eaiser.now to be fair out in the mid west and deep south tons of smaller banks that are more apt to lend on small balance rentals. our west coast banks would not even look at them .. they will only do MF and larger.. they have no interest in loans on SFR rentals.. one because frankly we don't have many .. price of SFR's make renting them out not all the great.. and they let that business go to the national Federally backed loans.. small community banks don't lend  those types of money.. its their money. 

Now, we're not talking an 18 foot deep high dive pool down there...it might be 1" - 2" deep (but, I'm still trying to decipher the photo from my inspector and get a hold of him).It also (oddly) looks to be on top of a sheet of plastic.

I listen to the podcasts and have been lurking around BP for a couple of years, but would never take any real deep dives.

Depending upon what the zoning would allow, do a deep dive into the surrounding area and examine what would be competing properties.

Median home prices are also $300k here.I'd figure out where I was moving to visa vie 'the West coast' and research deep into a tertiary market there. 

Hey BP,Does anyone have a Monthly P+L/budgeting template they use for underwriting bigger value add apartment deals they would be willing to share?Have an accepted LOI on a 46 unit apartment building. The value add wi...

Unless you are super experienced and have crazy deep pockets you may be in for a lot more education than you ever wanted.