Vacant Property Right Next to My Apartment.....Worth Research?

[Dannielle Givens]

My fiance and I are beginning to search for our first home. I absolutely love the area that we're in. It's right next to Lake Michigan (I can see the lake from my room), the bus stop is right in front of my doorstep and the train is only a 7 minute walk. There are tons of shops and restaurants in a 5 mile radius. And then there was the house next door...

Literally right next to my apartment complex is a house that has been vacant for the two years I've lived in this complex. It's in between my high rise and another high rise to the right of it (and a Catholic Church in front). Is this worth our time?  

What I do know:

• Privately owned
• Last assessment: 2016 at $128,752.1287
• Classification 2-09
• Tons of violations for poor upkeep
  • Rat investation
  • Poor lawn maitenance
  • Tons of trash

(doesn't seem like an issue at the time... no rats seen on the way to work)

What I would like to know:

• Would this be worth tearing down?
  • Is the value of my community something that I could invest in as a first time homeowner and someone who would like to make this purchase as if I were an investor?
  • How to find the value of my community?
• How can I find the whole history of the property?
  • Currently a single family home (pictures online look horrific), but approved for condo 
• What steps should I take before calling the owner? Should I even call them?

Thank you so much in advance, 

Dannielle