Personal finance is the first building block to financial independence in my humble opinion.

In certain areas, a 100 block means good school vs bad so people "fib"

Buy the ugliest house on the best block.  

The unit was a condo conversion from low income housing in an 8 unit brownstone 3 blocks from the projects. 

I know you didn't have insurance, but this can be a guideline for labor costs.I would recommend the use of 100% ceramic tile for flooring (or maybe even stained concrete) since you are self-insuring.

Plus, when you start to get 10 blocks away or so, you start to wonder if neighborhood conditions affect the prices (good or bad). 

But there are high end apartment complexes within a few blocks in 2 directions, which have higher rents than this property.

I spent a year in Boston, Somerville actually, within a block of the red line.

I know it sounds great on paper.. and it may work and if this is only 5% of your available cash you can take the risk.. but if this is the majority of your investing cash I say risk is simply too great ... .listen to @Curt Davis sage advice he has been around the block for many years and is not trying to sell U something like all the rest of the folks posting on this thread.

Although there you will need good property managers and need to know the area as South side is block by block.