Indy has a lot going for it during different points of the year: biggest IndyCar race, huge NASCAR race, biggest drag race in the world, biggest children's museum, had the Final 4 here for a while (maybe still, I don't follow basketball), big art museums, etc etc. 

This is primarily for basketball but I want to use it to my advantage to learn and do what I need to do to become a real estate investor as soon as I graduate.

There was a story recently where a homeowner removed something in his back yard to make a basketball court, got caught and had to put it all back the way it originally was.

You don't get to grab the basketball under the net then run to the other end of the court for a touchdown and get paid as an NFL player.

Thing was, crazy dude got results but apparently in CA, if you get stuck with gamer tenants like one landlord client of the crazy eviction dude had with his beachfront condo and the 20 or so squatters there, common practice according to crzy eviction dude, who even found an illegal hooch still inside and called LAPD, is STILL PAYING THEM TO LEAVE!

I'm sure you couldn't just turn it into a landfill for example, but what if you wanted to use it for the following:a) Create a large community gardenb) Create a "park-like" space with picnic tables and grilling stationsc) Create a playgroundd) Put a mobile home on ite) Put storage sheds/buildings on itf) Create a basketball courtg) Create a tree farm

@Brandon Turner - You wouldn't know a football from a basketball . . . what are you cheering for?

Plus being on that job for 28 years along with military service, and years of basketball ruined my knees.

Jim Valano was the basketball coach of N.C.

Once the property is stable then push closer to market in the coming years.So base numbers off of lower rents to be conservative and that rehab will take much longer than expected.This building sounds like pre- 74 so lead based paint remediation among many others things.If rents are at 700 market than calculate for instance 600.600 X 50 = 30,000 mo X 12 = 360,000 a year X .50 ( tenants pays utility ) = 180,000 NOI10 cap value 1,800,0009 cap 2,000,0008 cap 2,200,000At 14k rehab X 50 doors = 700,000 Nice meet on the bone there. 40,000 a door is 2,000,000Too much work for the return there at that level.You need to look at any short sales ongoing for apartment buildings there, foreclosures, current occupancy levels in existing buildings versus demand, and new construction permits ongoing for brand new product coming online in the area.The new product might have tennis courts, gym, clubhouse, pool house, electronic gates, playground, basketball courts, laundry in the units, etc.To add all those things and compete drives up overall costs.Contractor demand for the area is key as well. 3 to 5 years ago contractors were very hungry for projects.