Is it a good or bad idea to construct multi family buildings? There is 0 new apartment buildings in or around my small community. Most of the apartments are outdated and in rough shape. I need advice.

@Braxton Dahl  yes that is a great strategy as long as there is sufficient demand and you can get the land and construction cost to make sense financially. People love new. Always rents faster, rents for more and sells for more.

I think it's imperative to look at the population it would service and the demand it would warrant. 

While it is good to fulfill an obvious need in the marketplace, is there a particular reason why another investor has not pull the triggers? Is it cost of construction and the low yield in return? It is a declining population? Is there something external you have not analyzed such as zoning and city approvals? Lastly I would look at the desire for the community wanting to rent vs. to own - certain cities it's a similar cost so they'd rather just own but that's not always the case. 

I completely agree with @Lien Vuong . If there isn't an appetite for multi families in the area, building one is a poor strategy.

Additionally, if you are going to try to sell them as condos, buyers and realtors might not be interested.