Bankrupt Builder & Cheap Townhouse - What to do?

[Bryn Davis]

Hey guys, need some input on an interesting property.  Here's the nitty gritty:

3/2.5 Townhouse

$70k List

$60k Market Value

Approx $18k Reno

$125K ARV

(Side note, sold in 2009 for $142K, sold at foreclosure auctions 4 months ago for $135k, I've been told it appraised, as is, for $111k. Some may ask why only $125k ARV, I'm pretty knew at this so I'm simply going off of what my realtor is telling me based on his knowledge of the market.)

Plan would be to refi cash out and rent, clearing $240 monthly cash flow and approx $18k cash in hand.

Here's the problem, the builder went bankrupt 3 years ago after building only 2 of the 16 slotted buildings.  The grounds are falling into disarray, trash is building up around the property and it's getting worse every minute.  Best case scenario in my head is somebody buys the community, builds it up and we all live happily ever after on appreciation.  Worse case scenario, nobody buys it, the two buildings go to complete crap and I can't rent or sell it.  

Anyone have any experience with bankrupt builders and how these things usually go?  Any input/insight is greatly appreciated.

Thanks!