Water damage, just walk away?

[Shane M]

Got a property that is in great condition upstairs, even has some new appliances, but they never winterized the house and some pipes in the basement busted. Water is at about 1/2 inch when I checked it out, saw water lines about 5-6 inches up at one point. Basement has a drain, why didn't it drain out? Concrete floor. There was condensation on the windows in the whole house, you can smell mold in the basement, not so much upstairs(its been sitting like this for a week or so now).

My first thought was: "not worth it, there are always less complicated deals". But I'm wondering what your experience is. My thought is that in the long-term you could have a lot of problems come up. For one, there were some minor cracks in the cement floor, which have absorbed some water. Plus mold can popup anytime.