Shotgun shack located across street from high end real estate

[Julie Cook]

Trying to get some input from some of you with more experience. We live in a small but quickly growing town near Memphis TN. We found a property for sale right next to prime real estate in the quaint down town area that is exploding with growth right now. The property is .5 acre with literally a shot gun shack on it. It is for sale for the appraised property value. There are month to month tenants in the house. We are interested much more in the lands future value than anything else. What do you all think?