The Third Ward is a great market for landlords since it is a hot rental market. Great return on investments. When I have driven Dowling, you can see newly opened hotspots and such streets as Cleburne and Ruth where individuals have taken on the task of renovating properties. If you are looking to sell a place in the 3rd Ward, there are several investors out there who could be interested including realtors who rehab these wonderful props. You are right that the property is relatively inexpensive and most of these properties need TLC to bring that back to their grandeur as they have in other parts of the city. Its in the middle of an incredible triangle composed of the Med Ctr, Downtown and the universities.
As for redevelopment, there is limited commercial growth, but huge potential, in my opinion, on the residential side. If you are interested, call me and we can look inside properties which have been renovated and those which are currently looking for a caring owner. There are also investors who would be interested in looking at properties if you are looking to sell.