Intriguing find - almost

[Tim E.]

After visiting my brother, who lives in a good neighborhood in a very good school district, I found that there's a rental property across the street that's been a nuisance.  Including, but not limited to, a recent bust at the property for heroin trafficking by the renters.  I have friends on the police force who say they're going to start putting pressure on the owner due to the 3-4 year history of issues and the recent bust on the property.

According to neighbors (and my brother), the house has gone off and on the market over the span of the last few years.  According to those same sources, the listing price just doesn't seem to be in line with the real value of the property.  There are very few upgrades in the house with the exception of a few things like wood floors.  The exterior lacks curb appeal and any semblance of flowerbeds.  From the information gathered and the sight of the property, they may be renting in order to wait out the market (maybe upside down?).  Houses in this area do well, if they're updated and have curb appeal.

I've done some preliminary searches for the owner and believe I've found them.  Given this situation, how would some of you vets in the business handle this?  What would you do?  How would you proceed and why?  Although I have no numbers yet, it seems like a possible opportunity.