I had built a new build on Aiken  First modern design on that side of town ;)

Although forthcoming and we appreciate the honesty, it does not build confidence in the process.

New construction may be an option, many builders are offering rate buy downs and closing cost assistance and then you get quicker appreciation when they continue to build out the community.

@Alex Johnson Detroit-Michigan falls in the middle of the pack regarding "tenant-friendly".As you start to build your Core Four, NEVER believe what people tell you unless they can explain it logically or provide 3rd party proof.Here's 3rd party proof that Michigan is in the middle of the pack:)https://realwealth.com/learn/landlord-friendly-states/https://www.lawdistrict.com/articles/most-renter-friendly-us...

I hope to build our property management up to that level someday. 

That's another good tool for wealth building when used correctly.Once you jump that first hurdle it gets a lot easier. 

I have came across an old school building that I would love to rehab for the local community.

We saved lots of money and time, by condo-ing a 17 townhouse complex as well as condo-ing and existing building built around 1900. 

The HOA covers all water, flood and building insurance, internet, bug spraying etc. and it's $1562 a month.

The Seller clearly doesn't need the money immediately or he would have evicted these tenants and replaced them with renters that actually pay rent.I would offer to purchase the building at the listed sales price.