Due to this scarcity, time was on my investor's side as his home's ARV increased in value as the path of progress pushed northwards.

That way you can start figuring out how to evaluate.. what a good deal looks like etc.

Essentially the only people you'd be dealing with are junkies, druggies, transients, felons, hookers etc.....You may want to re evaluate your business model.

I would appreciate any suggestions for evaluating the strength of the market to determine the risk if there were a vacancy. 

I don't believe in pro forma evaluations because most of them are done with a specific bias to sell the unbuilt unit.

It's been very easy to rent but I'm not sure if the numbers justify keeping it.Our Tenants are moving out shortly so I'm evaluating now.I would be able to sell for $275,000 or rent it for $1,900 (maybe $1,925)HOA is about $2,100 per year and taxes are $4,500 per year.

Still in progress Lessons learned?

My suggestion would be to evaluate what leads to a greater long term cash on cash return.

So evaluate your goals/resources and go from there!

I'm not alone in trying to get in the "path of progress" here though, as many other investors are flocking to Worcester.