I know of a small town that is in need of having many of the buildings in the downtown area flipped.  The town sits on a river, however, most of the buildings are not in a flood zone.  Some of the attached buildings have been flipped, however, many more need to be renovated.  The town was built in the early 1900's and was a boom town through the 1990's.

It is not that the town is lacking small businesses that want or able to lease these spaces, it is that it is a small town, and the businesses cannot spend thousands of dollars on rent, or renovations.  Most of these buildings have no less than 3,000 sqft retail space, and many have basements for storage.  It would be very simple to split the retail areas up into 1,000 sqft areas that could easily be leased.  Also, many of these buildings already have living spaces above, but they need to be renovated as well, are not rented, and neither can they be until they are renovated. 

There are two investors that have came from out of town and have bought a few of these buildings, however, they are looking for grants to flip them, which I doubt will happen.  The only other way they will be renovated is that a company to go to the small town that needs a business place.  The investors got possession of the buildings by just paying the taxes owed against them.  This was a big disappointment to the town. 

The people that own this real-estate think they are sitting on a gold mine because they are waterfront property - and they may be, but seeing how these buildings have sit for over 10 years empty, I doubt it.  They have fallen into disrepair, and the town has condemned many of them, and may be able to take possession of them, but it will cost the town more than what the buildings are worth just for the upkeep, tear them down, and in some cases they are connected to a renovated space.  Many of these buildings have been gutted with all asbestos removed because of a grant some years ago. 

Don't think that this town is dying, because it has a well traveled highway that passes through it.   Matter of fact, it has most of the fast-food restaurant chains, shopping centers, etc... It also has 6 motels, and there is a lot of money around the town.  (Franchise owners, Vacation homes, waterfront homes and somewhat massive farm homes).   And it is safe to say that many people that live in the town have more than a comfortable living, because most of the better neighborhood homes are owned outright on 1/2 acre or 1 acre lots.  The town sits between a major city, and a major east coast summer vacation area. (60 miles each way).  I can safely say, that no more than 20% of the homes in the town are in disrepair. 

My synopsis of the town is that 20% of the population live comfortably, and the other 80% are poor, or live from paycheck to paycheck.  The local banks have shut down, and only the larger banks have locations here now, and not interested in lending to people to buy or flip these buildings. 

The town leaders will tell you that the young people leave here.  However, being at someones home on Halloween which had no less than 135 kids to come to the door, last time I checked, old people do not have children. I don't think that is true.  I think the town uses that is an excuse. 

The town has cable, high speed Internet etc...  

The bottom line is that either one of the buildings can be bought for less than $50 thousand.  The cost to renovate them will cost less than 100 thousand to flip and convert them into 3 to 6, 1000 sqft retail areas or apartments.  Each space can be rented or leased for no less than $500 per month. I think the retail spaces will bring in no less than $750 per month after they are renovated seeing how the shopping centers are getting 1500 and up for comparable spaces. 

If you are going to invest, is it worth in doing it in a town like this?  Is it worth it?  I have the feeling if it was, this would not be a problem, but it makes me think?