Part of being creative in RE is to be able to solve the problems. When you mentioned you had a similar property nearby, I thought you were going to say you could handle this one, because you did the other one. But you did not say this. If you were to go ahead with this, I feel you need to have a pretty good idea where your renters are going to come from. Storefronts, for instance.
Many small towns have a lot of nice buildings for which there is no economic demand.
Just because the building looks pretty is no reason to buy it, as I suspect you already recognize. Just because the current owner was stupid enough to spend a lot of money making it nice does not mean you have to be stupid enough to buy a property with bad prospects. All Rights Reserved.