Yes can be a great return if you analyze properly and are willing to take on.Remember things usually have a low price for a reason.You have to make sure you don't overpay for the reason and you are willing and capable to fix the problem to get the asset or complex performing again.If you can't or won't take that on then you need to find another property that does not have that particular issue to solve.

It's for a marketing piece I'm working on, so complex charts would probably scare Joe homebuyer off.Thanks for looking through your stuff!

Also understand that real estate investing is so complex that any one idea is not sufficient to learn the entire realm of investment strategies.Michael Quarles

My day job is ADA consulting in CA (where apartments complexes are sued daily for this issue)

There is a lot that goes into financing a development project and most of the details depend on the complexity of your project.

Our complex of 340 units has had a dramatic turn-around in sales, with prices at 1/2 what they were in 2007.

. :)  I agree there are a lot of apartment complexes and new ones being built.  

@Carol Zeroual is correct that corp. might be more complex to maintain comparing to an LLC.

Depending on your architect and the complexity of the project this can take anywhere from two weeks to a month with the permits taking a week to two weeks.

Like wise you can pretend you're a potential tenant and call around to apartment complexes in the area about what their rent would be and what amenities are included.