I have heard Bronx, parts of queens (Jamaica, Jackson heights, corona) are very affordable, but also can be dangerous.

But first of all let me say this - deals like this are very dangerous and can potentially wipe you out.

This property is in a really bad area I am looking to offset the dangers of the area by using a good PM.

What is the danger with class A?  

As a result, you can expect: Fewer financing optionsSlightly higher ratesFixed rate with balloon terms or 5 year resets75% leverage with no option for secondary debtNon-recourse for assets located in major marketsDSCR of at least 1.25:1Recourse for assets located in secondary and tertiary marketsDepending on the market, CAP rates in the 6%-8% rangeClass C and D assets tend to be financed by local banks with little to no interest from secondary market lenders.

(I don't know how we ever survived as a species living outside when mold is such a danger). 

Here is what an electrician will tell you about knob and tube wiring. 1) is it safe: yes as long as it is the same as it was when installed. 2) what are the dangers: Fire, death, electrical shock. 3) should I remove it: NO unqualified person should remove it refer to number two if you have questions. 4) if I have knob and tube is it okay to install three prong outlet.

It has to do with financial sophistication.There is a saying, poor people have poor ways, that means that if your limited financially you have fewer options available to cure any problem, it's not a put down of the less fortunate, it's just a fact of life.

If so, you may be in danger of loosing it.

It sounds like you are not going to file an offering with the SEC which can be dangerous if you are soliciting to people you don't know.