There are some high comps (2x what I'm paying)in the area, there is an modern rehabber/new build developer working the neighborhood.

I want right on's  not write off's   a very successful developer I worked for back in the mid 80's I was brokering a 150 unit townhouse project in N.

Be patient, drive by the parks, develop relationships with park  managers, and the next thing you know you have too many to buy.  

This kinds of problems develop when landlords chase money, in this case, by trying to minimize vacancy costs.Depending on the rental market, "moving on" and finding another place to live at this late date might be difficult. 

That is the anonymity of the interweb.Additionally on this forum you are dealing with a lot of people that have developed leather tough skin from repeatedly having to deal with a hole tenants.

You might be able to do some sort of commercial bank lending if you can show 50% or more pre-leases on your commercial and the numbers all make sense.This strategy could work for any of the lenders above.Bottom line, there has to be interest in the resulting spaces to interest the lenders and the developer, or the developer has to front the entire cost.Possibilities: if the town wants to revitalize itself, it can create a corporation to hold the buildings, and then offer to back the developer of the properties (public/private partnership)The town could hold the properties and issue bonds for revitalization, then do a master lease to a developer/Property Manager to recoup it's funds.

Other areas I've considered though are Browntown and Hedgeville because the City has been developing there a decent amount.

PWC ranks Raleigh-Durham #7 nationwide for real estate development.

Great insight from Account Closed, just a heads up that there are most likely bigger changes coming on the development/permitting side of things as the City of Portland just ousted its long-time Director of Bureau of Development Services.  

Is it worth paying a structural engineer to assess to be able to develop a scope and cost estimate, and if the number work out it's do-able?