Do you think this a great investment? Big land + old big houses

[Nickle Lu]

https://www.redfin.com/TX/Lean...

I am looking at a house with big land acre, old house lack of public sew, but the location is very close to Austin just 30 min to the downtown. There are lots of things needs to be fixed for sure. But I want to know if this could a good investment opportunity if I hold it for 10 years, and build a new house on top of it or doing self storage or something like that. And can you guys also let me know why people don't like this kind of house, the landlord had to drop it price several times. I must miss something. :)