What is the condition of the property?
How much work and money will you need befor you can start renting?
Whats the ROI and or Cash Flow?
What are the average rents in the area?
how does this property fit into your investment model?
You are looking in the right areas due to the redevelopment and the proximity to Fitzsimon. It just dependends on how th numbers work for you. If you have more questions? Don't hesitate to Ask!
A previous owner (investor) could have gotten a fluffed up appraisal on a previous sale/refinance. We've seen a lot of mortgage fraud in CO, and after a little digging sometimes the previous sales records on the property begin to stink. Again, a broker could help snoop this info out by comparing MLS records to public records.
The property could have been poorly taken care of or partially destroyed by a previous owner and needs lots of repairs. You'll just have to go see it and see if this answers the big why.
I've been seeing quite a few properties being dumped by banks and wondering how do they decide which ones they'll hold onto forever at top dollar and which ones suddenly they have a change of heart and dump .60 cents on the dollar???? I look at foreclosure rates and declining values specific to an area when a bank 'dumps' a property because you better believe they do their research and they wouldn't dump if they could recoup their money.
Ultimately, you are going to need someone to do a lot of research specifically on this property and area, so find a good broker.
Let me know and I will take you over there.