Buy, Hold and Hope

I toured a 3 flat at 1213 West Race (Chicago) with a client today.  Listed for $229,900.  I don't like it at this price but someone will buy it. The current shortage of inventory makes this appear to be a decent buy but watch out for deals with limited long term upside.

Rental upside: Limited (small units)
Future development: Limited (small lot)
Rehab costs:  Moderate to high