How far gone before rehab should be tear down?

[Bryan Chuchta]

I am working with a prospect and anticipating closing a deal for 15-20k under land value.  I am considering wholesale perspective as well as rehab, or ?  possibilities.  The house has major foundation issues, major roof issues, holes in the floor, and is generally in major state of disrepair.  Is it feasible to dump a bucket load of money to rehab?  Tear down and build new?  What would be the best focus to wholesale it?  Immediate properties in the area are 180-220k range with neighborhoods at 500+ within 3-5 miles.  It is a fast growing area.

Any and all insight appreciated