When is a free building too expensive?

[David Sisson]

I have an opportunity to get a large (8,000 SF) commercial building for free. This building is historic, and would come with restrictions. It's also in very rough condition, with an estimate of $1M plus in order to get it functional. Best use is probably apartments, and would be 5 to 8 units, depending on the amount of $ I sunk into it. I don't think it's worth $1M, I'm getting more like $500K - $600K as an ARV.

Opinions: is it worth it to get the building? Please note that "get it for free and sell it" isn't an option. This is "get it for free and fix it up-required" deal. 

I'm thinking "get it for free, then figure out how to get it fixed for $500k or less". Please note that I'm an architect and a general contractor, so I'd have some savings on those fronts. The building needs pretty much everything, including foundation repair, new roof, structural repair, new plumbing, heating, electrical, etc. It's a mess.