Advantage? 2 SF on 1 lot

[John Boland]

There is a property for sale that has 2 homes, 1 is in need of "extensive repairs". I have only seen it from google street view. Is it worth it to poor money into a rehab for 2 cash flows?I estimate each would rent $1k a month. Also from a legal stand point, would I need to have the properties divided from the single parcel? 

Asking price: $175,000

Lot: 8.5ac

House 1: 3bd 2ba 1100 sqft., built 2005

House 2(in need of repair): 3bd 1ba 1100 sqft., built 1930