Is an old house in a good area a good deal?

[Vladimir Kononenko]

I found an abandoned house in good area. Bad condition, moldering walls, built in 1860. I’m trying to contact the owners, because they don’t live there. Is it make sense to buy the old house, but in good area? What do you think will be an appropriate price for it (lot size 15000 sq.ft, 4 br, 2 bth, 1980 sq.ft - building, 120 sq.ft - basement).