Would you buy a quirky property like this?

[Rob C.]

I'm curious what the biggerpockets community here thinks of quirky properties like this one:

youtu.be/KnGzTe-CaYQ (video tour captured by GC)

Quirks & problems include (but not limited to):
-exposed (and unsightly) piping (can't be to code, right?)
-furnace in master bedroom (again a code issue?)
-two layers of drywall in bathroom (why would that be?)
-bump in flooring where living room meets kitchen
-sink supply lines cut short
-needs virtually all the essentials

Here's the upside:
- priced around 100k with comps of same sq ft going for 180-220k (most of which could use updating). fwiw, it sold for 350k at peak of market
- up and coming area
- strong rental area (close to a college)

Is this worthy of buying to rehab, rent, and resell in a couple/few years (after the area has gentrified further)? Or is there too much risk with the potential code/permitting issues?