It's a great area within walking distance (5 minutes) to shopping, grocery, coffee shops, and historic neighborhood, and about 5 minute drive to downtown.They are asking $695K for it.

I also think that you don't need to be a driving distance away. 

It's tough for out-of-towners to compete and find a good deal, but if you're here and can drive the streets in your neighborhoods, do that!

Ocean City is the most popular beach town and is a 3hr drive from Washington D.C.

Unless you're 110% confident in the MF purchase and you can drive up the value of the building quickly (6-12 months) and then secure longer-term fixed financing to pay off the HELOC or loan. 

A newly acquired 6K sq. ft. lot in a thriving area of Charlotte near Freedom Drive and Uptown.

A newly acquired 6,000 sq. ft. lot in a thriving area of Charlotte, NC, near Freedom Drive and Uptown.

The drive has been restored.

In my experience, they have the fastest turnaround time vs folks out of driving distance from the property.

William,The best thing I did was drive around the area I was looking to invest and started talking with contractors.