The downtown economic club is a tough nut to crack. 

.), it has a greater effect on the economics of the deal.  

I would love to start with real estate, so it would be nice to get in touch with some local people as each market has its specifics (legal, loans, economical, etc.).Thanks in advanceVitusus

You may not be the wealthiest but in terms of a level of economic comfort and enjoyment if your passion is real estate you will be rich.  

While there are many other factors for making an area "highly desirable" or "undesirable" generally you should know the trends of things that matter to the tenants such as: schools, crime, local economic developments, companies relocating in or out of your area.According to latest stats, it appears home ownership is at lowest levels in way long, hence you can assume (pending the fannie mae 3% downpayment upcoming thing) that lots will rent.

While I cannot comment on the what the units looked like, I deemed it beyond my comfort zone, due to:1) located in an economically depressed area( class D)..one of the 4 worst areas I can think of in the city.

I was going through my library of mostly economics, stock market, and real estate books and I saw I had a good assortment of books from Steve Berges..all related to real estate investing.I completely forgot I had them but now I remember they were pretty important to my education 5 or 6 years ago when I was just just getting started.Just curious, anyone else read him?

Companies wont write me an umbrella policy because I don't have a primary home, and am under my parents auto insurance (not economically feasible for me to go on my own auto due to my young age - 22).

IRR, while just a numbers, can describe very clearly all of the economic moving parts and indicate the weaknesses.  

It is what is shown on title, you aren't going to change it.And, there may have been development financing restricting title or economic development agreements as to the status in approving the development, construction, sale and leasing of units, FHA specs and it will be restricted over the term of financing.