It has retail space on the ground floor with space on the second floor that would be great for multi-family and residential redevelopment.

Compared to what?

Finding your team on the ground can be a daunting task and unfortunately there are both uneducated investors as well as bad characters in any city.

But - check out what the comparable properties have that your property doesn't and make those changes.

Have you taken any bids from contractors on similar jobs and compared item cost? 

You'll almost always make more money with appreciation than with cash flow, but if appreciation is your sole play, if your margins are so thin, or non-existent, you're on shaky ground.

This is really unique situation, the residential properties near by has different use, therefore not good for comparables. or do I let them do their market research any way?

When comparing (CMA) multifamilies, for example a duplex, do you compare them to other duplexes?

Memphis Invest would be one group to look at.If you're looking to be more of an active, hands-on investor, you need to decide whether your situation is going to allow you to travel to a market(s) for acquisitions or whether you would rather have boots on the ground in those markets.  

Then your families trash gets stacked up around the dumpster on the ground.