House Listed with Severe Water and Mold Damage. Worth It?

[Brian Caulfield]

Hey guys, there's a house listed on my local market for $223k and described by the realtor as having 'severe water and mold damage, broken pipes, freeze damage and missing carpet/flooring/sheetrock. Seller will not negotiate offers with home sale contingencies.'. The property sold in 2005 for $345k and its a good neighborhood/area. Property tax is $6,500.

Wondering what people's opinions are that have dealt with something like this. How costly can issues like this run up and is this something I should avoid like the plague? (Looking for rental properties). 

For reference its 1,800 sq. ft. 4 bed, 2.5 bath. Unclear in photos, but mold appears to be bad/in multiple areas of the house.