Newbie rehab questions

[Arthur Dent]

I have thought several times over recent years how it would be nice to be able to pick up some property cheap, fix it up, and rent it out for a steady stream of income. I'm sure no one else has had this thought. ;) I know I am naïve which is why I am here. A property came to my attention that is selling for $20k. (yes, one zero) It has a single level 100+ year old home on it now and is on a double lot. It is not in a great part of the city, but the houses around it do not look too bad. It has been vandalized and so the plumbing has been ripped out. Due to this, there is floor damage and wall damage. There has never been AC. I know it had forced air heating, but I am not sure what the current condition is. The entire yard is overgrown and it needs a fence. There is a basement, so easy access to plumbing and electrical.

So am I crazy for thinking I would even want to take this on? I have a feeling it is going to sell fast and doubt it will still be available in another day or two. It has been a challenge just trying to get a viewing. But, if anything, I am trying to use this as an exercise to see if I should have even tried to get this.

Assuming the building structure is good and the roof just needs to be resealed, I am just curious what your thoughts are? Maybe there is no way to discuss with the information I have given. My brother does brick and flooring. My brother-in-law does plumbing. So I would have some help there.

I am sure I should just walk away from this, if only for my ignorance. But here I am anyway asking for you to speak your mind.