Until that happens this would be a bad idea, not to mention transaction fees are absurd

Not a bad post retirement job at all.

It fit his criteria, I called him up and said I’ve got a good news/bad news scenario.

This is an older guy who had bad experiences as a land lord before.

You have the college side of New Brunswick, the downtown corporate area, and to the left of the RWJ hospital is where it starts to get bad a little.

I'm looking to do a flip in Atlanta and my issue with my first house that I purchased was dealing with bad contractors.

I also think it is a good idea to minimize your taxes now, while positioning yourself the best you can for the future (where everything is an unknown).It certainly would not be a bad thing to also use your retirement accounts to invest in real estate (as long as you are very careful to follow the rules- avoid self-dealing!). 

Real estate gets much harder if you have bad credit.

Do you think it is a bad idea to purchase near these vacant properties?

As @Rick Pozos mentioned, if it's listed, and it's been on the market a while, it's likely overpriced, has a major issue(s), or the surrounding area is so bad that it's driving buyers away.