House on a slab (partially)

[Jesus Belandria]

Good Morning! 

I was looking into purchasing my first property to fix and flip.

The house needs a lot of work but after running numbers it makes sense to me, my only concern is that the house has an addition that I’m not really sure when it was built but it was built on a slab. 

There seems to be some water damage in one corner due to some water that was coming down from a gutter. I don’t know exactly how bad it is and I want to get it inspected but my other concern is that the slab is not really far up from the ground and looking right under the siding you can see insulation. 

Has anyone had to deal with something like this ?