The existing structure could have been a tear-down, yet investors could still be interested...So -- the bad news is...  

Interesting resource and reading for macro trends at this link Freddie Mac Multifamily Market Outlook for2014Other research at Freddie Mac MultiFamily News and Research

You also need to make sure the seller would not put any liens or take out any lines of credit on the home as that could be bad news also. 

good news Ron!

@Joel Owens @Douglas Dowell thanks for the posts guys.well the good news is my  partner and I close August 15 on our first property !!

Great news!!

There is no land around university to build in foreseeable future.It is listed over 4 million.The reason for sell, according to the seller, they have more capital in this property, the are building another project, need the money for the new project.Another news is the city just approved 32k/year property tax rebate for next 8 years, which is not included in the calculation.Thanks again!

Well, you linked to an article that's a bit old so not news to them; the most recent user comment there was like seven months ago. 

He also mentioned that the drywall is actually owned by the association, not the homeowner, which was news to me. 

That's great news for me, I love Dallas and am originally from there.