Have you ever considered buying a blogs with a few thousand followers and then build from there ? I think it is much easy than starting from the ground. The investment is justified by the no. of followers and reputation of the blog.
I would put my weight behind such a decision. As long as the blog is genuinely developed and has real subscribers. There are a lot of fraud which uses black hat SEO and makes blog popular in small amount of time.
That is what I thought. I hope it is less in regional blogs. But we can't say for sure. Someone hired to put the blog on top in a small time doing all sorts of funny things and let the buyer suffer from the backlash.
It can happen to any blog. As long is matured naturally, there is nothing to worry about buying it. You can see the no. of subscribers and the time period since the blog came into effect, ie, the first post. That will give you a good guess.