What to think about and look at when considering tear down to build apartment complex?

[Eric Coury]

HI there.  I am thinking about buying an old dilapidated bar building that is oddly placed amongst single family homes in a nice suburban town.  The building was an old bar - or more like a series of bars because it was a terrible spot for this type of building. Because of this turnover this building has been vacant for a long time and is cheap.  I was thinking of redesigning and  growing the building with a large addition for more rentals. There is plenty of room for growth on the lot. How would one analyze this potential investment and how can you get it approved by the town? Just thinking on this and wanted input from those who are more experienced.  Thanks!!!