I realize there is the big variable of financing routes that could affect the outcome, but after analysis, it seems like this would be a poor buy and hold investment. 

Just because the letter isn't returned doesn't mean it delivered. 

AFFIDAVIT OF SERVICEI, Lois Ginter, being duly sworn on oath, deposes and says that on the 6TH day of October, 2016, I served the foregoing notice on the tenant(s) named herein: by delivering a copy of hereof to the tenant Dead Weight.Signed: _____________________________Subscribed and sworn to me this _____ day of ______________________.

We got the bottom apartment looking decent after 2 weeks and I went back to work.After and before work I would finish the bottom apartment or work on the upstairs replacing and repairing.My plan was to take the equity we put in and use it to purchase additional properties.Unbeknownst to me one fateful day the oil company delivered oil to the house, to a boiler that was outside, a tank that was not hooked up, and a homeowner that didn’t want or order it.100 Gallons of fuel oil later and we were dealing with the DEC and contamination cleanup.The appraiser, that I was getting from the bank to explore a HELOC, came the same day as the oil spill and still appraised the house during the chaos of the morning and afternoon.The bank would not lend on the house due to the spill (which we are still cleaning up) but the appraiser did set the value at 104K.We keep dealing with the cleanup, and have been for months, and it seems to be coming along.I decided to empty my retirement in order to purchase another property while we wait for the cleanup to be finished.

So we're not sure what will be the outcome for this house. 

Once the permits are received ( here , as short as a week or as long as 3 months )  The work gets scheduled and the subs get called and the material gets delivered .  

The contractors didn't use 36 sheets of the 42 sheets of plywood that were delivered and we were charged for!!!

Complete reno - see pictures What was the outcome?

If you can live with waiting a decade for several hundred thousand dollars or maybe a million bucks as your worst possible outcome, then go for it.One thing you will have going for you in 2017, that no one had in 2007, is that even with the Trump Bump, we're still in the era of historically low 30YF interest rates. 

If the community is pet-friendly, say that instead of just listing the additional pet deposit and if it has concierge that walks dogs, mention that, too.Since the apt is sitting empty and has hotel type amenities, why not rent it as a B&B until you get a renter and get some local catering company to deliver breakfast?