Buy Building With Hope for Neighborhood Improvement

[swimmer21]

I'm looking at buying a triplex, which is currently in a relatively desirable area, that is slated to have the highway one block away filled in, and replaced with shops, apartments and a boulevard with bike lines, which will either flood the market with too much housing, or make the area even more desirable, or some combination of the two.

I'd move there, replacing my current $645/mo in Rent with:
Mortgage: $973, Taxes + Garbage: $489, Insurance: $88
And getting rents of $650 and $495 from the other two units.

That leaves me $234 a month to cover maintenance, management (I'd handle this myself, but my time isn't completely free), water for the whole unit, and vacancies.

Is this a horrible idea? Am I right in thinking that this development will probably increase the property value? Will the development make sale impossible for a while?

[Guizmo]

I bought my condo in an area that I think will improve. The metro line is being built 2 blocks from there and it should be done within a couple of years. With that said, I wouldn't have bought it if I thought it was overpriced or didn't make financial sense in the long run.

The numbers for your triplex look good enough for me. paying $240 is a lot less than you are paying in rent right now.

[_JT]

What's the sale price of the tri, and what is the total rent amount if you did NOT owner occupy?