@Thomas Kwan
It really depends on your exit strategy and your opportunity cost to do this investment instead of something else.
If you plan on selling once completed, you'll probably make some good money (all depends of course, you should know what you plan to sell the property for once it's complete).
If you plan on holding for the long term, analyze the rents and potential return on investment vs your other investment options. Modesto doesn't have a strong varied economy like Stockton, Modesto or Fresno does, which is why it doesn't show up on the top 100 markets in the nation for 2017 and those other cities do.
It's a little podunk town close to the heart of the central valley, so much jobs are low-paying jobs in agriculture (often performed by migrant workers or illegal immigrants). So much so that the Pope recently held a conference there about issues affecting those communities.
So long term, it won't have the same rental growth and appreciation as Sacramento, Stockton or Fresno, but it still may be a good deal if done at the right price with the right exit strategy and business plan.
Best of luck!