My analysis is this:Cons- I personally found the downtown and surrounding areas to be very depressing and almost empty (vacant shops, office spaces, neglected buildings and storefronts). 

Granted we have just witnessed one if the longest real estate recoveries in our lifetime following the largest crash in our lifetime (assuming none of us experienced the Great Depression) but there are no major signs of real estate faltering right now.  

I know with this budget it will be challenging for sure...from my research so far I know some markets/areas are very challenged/depressed and we are not in the market for a full on gut job...hopefully cosmetic reno only to add value and attract good tenants for the long term.

You have to seek out depressed properties; rehab, and then rent.

It's set to a loud volume because he claims he has sleep apnea (sleeping disorder) and can show a doctor's letter to prove it. 

I have family in Utah, 84414 some who are expressing some interest in real estate investing too, but I have not been there in a decade, but initial search is showing some depressed areas, but high crime areas.  

But it's not depressed so bottom shoppers will be disappointed.

If Bernie or any of those idiots pull it off, then T minus 3 years we will be will be very deep into a depression  (it will be like a Jimmy Carter economy on steroids) then that $250,000 cash (if you can keep the "labor" parties hands off it) could set you for life

Hypothetically, if the repair is sound and long lasting, my question is: should I expect this history would depress the price 10plus years out, or can I buy and hold expecting that the value/ price will keep up with comps ?

Just looking at those listing photos is depressing; the nasty old painted trim, deteriorated finishes, tiny cramped bedrooms....ugh!