Literal flophouse managed by a slumlord
Pros
the location is obviously great
Cons
DO NOT DO IT. Do not do it. Feared for my life every time I stepped onto the porch and into the lobby, rats in the building and gnawing in the walls, creepy, unhinged neighbors and wayward drug addicts abound. Also, the front door was completely unlocked for like a month. If you live there and are still experiencing uninhabitable conditions, you do have the right to withhold your rent in many circumstances. Wish I hadn't been so naive when I lived there.
Advice to the owners
If the landlord/manager hasn't already been sued into the fourth dimension, he will be someday, so I'll leave it to his attorneys.