Being this will be your first investment property and you're across the country I'd recommend trying to find a partner with a proven track record of investing in that area.

I'm not saying it's not possible - but it ought to be worth it.

Then you find out what the house would be worth if it were fixed up with comps in the area.

There's a similar trend I noticed in Lehigh acres florida. there was a miami based builder who came in earlier this year / late last year and built 5 modern homes. all 5 sold and set record prices for the area for single family homes. it's not that newark calls for this or any infill lot in columbus it's how can I deliver a premium product that will sell regardless of location. something with features that people want. 

It seems too good to be true and is pretty pricey for someone starting off but I could see how it could be well worth it.

Not worth the headache and they don’t appreciate as much.

I like the area and i am questioning whether it´s worth moving forward with Phase 1 of Construction.Not sure if anyone went through this before.

and if that's not feasible & you can't / don't want to lose the cash monthly, selling and even losing a little of what you put into it might be worth it to you. if you could sell today, how much would you walk away with, and what could that money do for you in a higher-cashflow area?

If a property is subject to a registered ground rent, or if the ground rent has been redeemed using the SDAT redemption process for an unregistered ground rent (or a registered rent not being billed), you can generally find that out from the SDAT record. 

My example is one such building that has passed it's 40 year inspection and has maintained the building. 100% agreed the buyers should research all public records before purchase; including, building code records, outstanding violations, open permits and the condo board meeting minutes, ect.