As I am building out my pro forma, I keep running into this headache as to whether I need to incorporate sensitivity tables. 

That way I can also build more capital to invest elsewhere. 

I'm in Shelby County so i can imagine some of the places you're speaking of like Rush Co or Brookeville, Richmond, etc.

You could buy stock in the Empire State Building, which I believe is still a single asset public REIT.  

I am in Pinellas County as well and lately Holiday and Crystal River has been a hot spot. 

I am looking at a mixed use building in the 6 to 12 unit range in an expensive area of the country.

And of course knowing what your costs will be to build.

I've reached out to multiple insurance companies that are saying they won't insure a building that old.

talk to the dept of health first (records requirements etc), establish what upgrades/maintenance required, line up a reliable repair/handyman/type person, consult lawyer, and then make your offer, see if you can buy the land it's on via lot line adjustment (ideal scenario). a lot to be aware of, such as system upgrades or county code changes bringing in the requirement to add metered connections to an older small system, for just one example.Otherwise- owner doesn't want to manage, I doubt you really do either but could be wrong. 

Do you know anyone in those cities or do you have to build a team to trust from scratch?