Never buy a property with the intent of changing a neighborhood or a city unless you have capital to waste.

@kimberly S. mentioned negotiating the price, because it's like buying a car.  

Just like many people ask about real estate friendly CPAs or investor friendly agents, I would be looking for experienced loan officers who also "buy what they sell". 

Also with the new policy changes with CMHC high ratio mortgages first time home buyers will have a much tougher time buying their first home so the rental pool will increase leaving more people looking to rent.I currently hold two rentals one in which is an owner occupied rental which I purchased for 200k 7 years ago and it is worth around 275k today and this year I purchased a triplex as well for 250k and as is with no improvements this yields me an 8% return a year which I would say is quite low.

Steve,Unless you are cash fluid and have a good chunk of change to continue to buy more properties, I would tell you to pull out some cash.

We have developers interested in buying the property for about 6 million.

Keep saving your money and make sure you have plenty of reserves before you buy anything.

I'd suggest you keep checking redfin and zillow home estimate, once you see price is stabilizing or moving up then you can buy aggressively.

I recommend buying into section 8 rental that have already did the modifications or repairs and passed the city inspection.

That extra buying power will give me a better chance of finding a property within the area I’m looking in.