The entire property has development potential and is just on the border of the war zone of town.  

It is sad when you see business places for rent that are on the border neighborhoods of million dollar homes, and they are not being rented, and have been sitting for rent for well over a year or two.  

Oakland County, which borders Detroit directly to the North has the highest median income in the State but the Cities in that County are vastly different.

I am located on the Naperville / Aurora border which is roughly 35 miles straight west outside of Chicago.

But we can go right over the border into WA and no licensed required.

It's not in the ghetto but its encroaching the border.

@Sebastian Konior commented, yes there are some areas of Milwaukee that are a little riskier than others and where the $4k - $5k multi-families are located they are in the D neighborhoods, however there are some great areas that are in the Milwaukee city limits but in B+ neighborhoods.There is a great area that borders Wauwatosa, which is a great town that is growing.

Call House Buyers like HomeVestors.com -  They may low ball the heck out of you, give you a really low offer that will almost make you mad, but in the CA market they might come back with something bordering reasonable. 

My husband and I own a duplex just across the Maine border in Somersworth, NH.

I've been able to get a place in hammond and one in gary (on the merrillville border) for about the price range your looking in.