Hi,I have a new property coming available, and a neighbor's retired parents are looking to move closer into the same neighborhood where my property is located.

There are neighborhoods across the US where you can take these vintage properties, undertake complete renovations with all new mechanicals, roof etc. and come away with a properties  that costs far less than building the identical building with todays costs.  

hey @Jason Lowe your property sounds incredible and it sounds like you have some good ideas flowing.The BiggerPockets community has profoundly impacted my journey in real estate and investing!

But in the end we bought a big townhouse with low HOA dues for ~$50k under market value.

If financing is part of your strategy, consider exploring fix-and-flip loans, which are tailored to help investors like you fund both the purchase and the rehab of properties.Lastly, start small with your first project, ideally in a neighborhood where you understand the market dynamics.

There are some exceptions in each market where the neighborhood is really nice and there are a huge variety of finishes / price points but I still would want to be with the comps of whatever price point I am shooting for. 

Obviously if the value is low that's one thing, but what if I pay and they deny me for some other reason?

Learn by doing, not by paying.You can do all the right things after spending $40,000 on mentoring and not end up with any real estate.If you invest in a project.....very low chances you end up with nothing.   

Is it this one: https://www.loopnet.com/Listing/3630-Trowbridge-Ave-Clevelan...If it is, very challenging to put something here considering it's a residential neighborhood and there's probably a lot of work to do to get it up to snuff... cocktail bar might be a tough sell given demographics but otherwise could be an interesting project!

Now, one month later, I’m called to face this situation.My energy level was low.