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The old blacktop looks pretty well worn.As far as doing different things, It really comes down to who you project your residents will be for the building, and what you need to do to attract them.Gentrification means replacing the population of the area, and sometimes places get fixed up, but the surrounding area still has problems.It comes down to who you think you will attract as customers, and what those customers will want to make the buying decision.I just kind of ball parked some things based on my knowledge of what residents in tougher areas seem to like (based on my conversations with them over the years).But really its up to you to make a product that your intended customers will want to lease...

I do have a friend that turned his van conversion business into now a 7 employee business and growing (overland van project).

They always respond and seem delighted that you have asked and if they do have any questions, this is a good time to have that conversation.

I'd even go as to recording the conversation.

Properties acquired for development, rehab, or conversion are generally held for sale (not investment) and will not qualify for 1031 Exchange treatment. 

Purchase price: $60,000 Cash invested: $26,000 Single conversion to duplex (1+1)This one wasn't too bad, partial gut.

If your local gov works the same way that mine does, the best place to start would be to check out the local zoning ordinance and see what properties are actually eligible for a conversion by right, as many places have rules against it or need conditional approval. 

He bought that one for $550k After the reno- and ADU conversion: the home is now valued at $760k (this is just an example) We have referrals to contractors, architects etc if this is of interest. 

I have started the conversation with locals I know in those cities to help me target good areas and avoid bad ones.