How do I make a bad deal into a good one?

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Happy Friday Everyone!

I'm a new real estate investor and got a hold of a potential deal! The house is in Cupertino, one of the hottest city's in the California bay area and walking distance from a great school. The house is a complete wreck and needs a lot of work. 

The owner wants 1.35 million dollars for the property, similar properties that have been remodeled are currently going for that price. Even though this seems like a terrible deal (buying a house that needs work at retail value), I'm very optimistic about the potential of this house. The new Apple head quarters will be opened within minutes of this place and will hire 12,000 new employees!

Is there any hope here? How can I turn this bad deal into a good one? Please let me know if you need more information.

Thanks!