I just drove by that neighborhood today. It's older, but doesn't have that unsafe gonna get shot due to any one of the 15 drug deals on the street going wrong feel. It looks like a 3-unit home that's been for sale for almost a year. Reselling may be hard, and I personally wouldn't want to run an apartment complex while doing my day job too. It's also in the Parkwood Elementary district which is considered very undesirable. My recommendation is no.
Although I don't know anything about you or your situation, I will say that you can get a very nice home in the $200K-$250K range. This includes very nice established homes or custom builds that go up in about 75 days. I outlined the neighborhoods in a previous post, and I will stick to that assessment.
I think you will be equally disappointed by living a two minute drive from anywhere in town or a five minute walk from the "economic center." If you absolutely have to live in walking distance from the few decent restaurants or a "bar", check into the houses off Marvin Hass or Sycamore north of 21st. Also check out the golf course houses north of Llano and between Prince and Norris. There's a really good sandwich shop called coffee bistro on the corner of Colonial and Prince.