Inspections on cheap properties

[Brad E.]

I'm sure opinions vary widely on this but just wanted to get some feedback.  I'm in contract on a C class duplex that was build in 1966 in GA for 50K.  Went to check it out the first time today for myself and I can see with my untrained eye it needs quite a bit of work but it is occupied currently.  I'm wondering if it is worth it to even get an inspection. 

I'm sure the inspection will uncover myriad things but most of it I will likely not fix.  Just questioning myself if it is worth it to pay a $550 inspection.  The main positive I see of doing it is using it as a tool for price negotiation.  I've already done a decent amount of negotiating with the seller before getting it in contract and they seem pretty set on the price, so I dont know if I can get it any lower even with an inspection report.  Other than that it almost feels like a waste of money, but maybe that is just ignorant....

Where do you guys draw the line on whether to inspect or not?  Thanks!