Inspecting beat down houses

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Hey all, I've run into a situation and I'm not sure how to proceed (first timer here). I've talked to someone who is willing to sell their house at a very low price, but it's in pretty bad shape. Just from driving by I can see some obvious damage to the wood paneling and some of the brick. I would like to know, what is the best way to determine whether this is even a possible deal? Do I just sign a contract with an inspection contingency and back out if the numbers don't work, or is there a way to tell without getting a contractor/inspector involved?