Addition without permits

[Bryston Wisekal]

I have a found a potentially interesting deal in the Orlando area but there is a major issue. The home is a 3/2 with 1,378 sq ft, legally, however the previous owner added two bedrooms and a bathroom without any permits. This "addition" is essentially one large room divided in half for two bedrooms attached to the rear of the home. It is about 14 ft deep and 35 ft long. The home is otherwise "rent ready" with  fresh paint, tiled floors, and relatively updated kitchens. In this neighborhood rents are going in the $1100/month range and the retail market rate for a home in that neighborhood is about $80/sq ft for a 3/2. 

My question is this; For a buy and hold, what would you pay for this home knowing the addition would have to come down or would you not even bother with this?