I buy duplexes, which are fairly simple and for $10k-12k per side I can transform it to like new status if need be.  

Low cash out of pocket, huge transformation with amazing cap gains and cash flow combined.

It will be interesting to see not only on-campus transformation, but also how off-campus medical office space evolves in the West End, Beacon Hill and Government Center.https://www.bizjournals.com/boston/news/2019/05/13/first-look-mgh-plans-1-million-square-foot.html?

It may be an area that is transforming rapidly from D+/C- to C+ or better and you may have a goldmine.

Anybody who's seen the South Park transformation knows that overtime you can see a "bad" neighborhood turn to very profitable and modern. 

The reason you should check this is that sometimes the electrician will say you need to replace the outlets, switches, fixtures, wiring, breaker panel, meter socket, meter, the transformer outside, and the power plant across town, but maybe you don't actually have to do that much

So, also not a complete transformation in my book.

@Brian Nance some of C class neighborhoods are transforming to a B class.Its easier to “predict” the direction that a neighborhood is going towards than predicting what will happen with a whole market.I’d suggest feeling the vibe of the neighborhood, you can tell that by seeing that a lot of houses are getting renovated, greener grass, cleaner area, cops are present and it just feels safe.Neighborhoods that their tenants are the owners will be taken care of better too.I would not wait because houses in good areas increase fast, so it is a gamble that eventually you will end up paying more for the same house.Good luck!

Your civil engineer will handle all of this but it's good for you to know exactly what's required.You also need to check with the utility companies and get cost estimates from them for fees, hookup charges, transformer locations etc.

Each type of asset has different requirements especially commercial vs residential but overall the process looks like this for commercial or multi family:Check with the city or county to determine what is required for all approvals including site plan and building permits, proffers, water/sewer tap fees, bonding requirements, inspections and CO process and time frame for all approvals.You also need to check with the utility companies and get an idea of availability and cost estimates from them for water, sewer, power, gas, cable, installation and connection requirements, tap fees, hookup charges, transformer location and relocation, power line and power pole relocation issues.Check to see if you have to install any manholes,fire hydrants, curb, gutter, sidewalks, street signs, street lighting any specific street design or access requirements,.Check DOT requirements for access, stop lights and permits, traffic studiesDWQ requirements for permits, permit fees, time framesThis is a broad overview of the process and your civil engineer can handle all of this but it's good for you to know exactly what's required.Residential is much easier but similar considerations.