Need help on an investment decision: weighing positives against negatives

[Ru Monsell]

I have only 4 days to decide whether to attend a foreclosure auction of a single property I looked at today, and bid.
The good news: the house, though small, is relatively new and needs minimal rehabbing beyond some cleanup and cosmetics, and it is a LAKEFRONT PROPERTY!
The bad news: In Maine, most neighborhoods are mixed as to home values. In this case, the neighbors on each side have tidy, modest homes, but two doors down is a trashy looking trailer and almost equally trashy yard!
Question: Does the attractiveness of the house and the lake view with space for a dock outweigh the undesirable property you must drive past to get to it? Does this matter as much for rentals as for selling outright? I could always hope to make enough while renting to eventually buy out the trailer owners.