One foot of water in basement on a forclosure, walk away??

[Michael Vitale]

Looking at a property to rehab and flip. There is one foot of water in the concrete unfinished basement. Signs posted read surface treated for discoloration. The house is only 1400 sq ft. Does anyone have any experience with this on a foreclosure, and if so what are your suggestions? Walk away? How much could this end up costing me if there is a big mold problem. House has no visual mold that I can see.