I have family there, another motive for a possible move.  

You don't want a NICHE - you want DEALS - i.e., motivated sellers willing to sell at a discount.  

You have just found a motivated seller, my friend (:The best way to answer those questions however is through communications with the owner.

I think you can read in to how much cash outlay that leaves you to achieve this. 

But in MA, unless I am mistaken, an apartment can't be approved quickly, or deleaded quickly, so she would lose money in the deleading process and then still not have tenants who meet her income requirements, just the future ability to take Section 8 vouchers, not an appealing thought for her.I would rather (but too late, rent has been lowered) wait it out, clean up and show a gleaming like new apartment to motivated, qualified people.

You are looking for motivated sellers that might be flexible on their price.

But I'm motivated to help turn around the Rust Belt and still make a profit... audience?

Banks are motivated sellers too.

Us late starters, I believe, are more motivated than many of the youngsters out there because the clock is a tickin'.  

The basics:I'm a local investor with 11 units of my own in Kalamazoo, a great cashflow market in the Midwest (I achieved the 2% rule in case that helps demonstrate).