140,000ft Industrial - Dilapidated But Cheap - What Would You Do?

[Aaron K.]

Here's a what-would-you-do scenario.  There's an ex-manufacturing property near me that is for sale.  It sits on 25 acres near a small town of 9000 people.  It sits away from other industrial areas, and consists of 140,000 square feet of industrial warehouse broken up into multiple buildings.  Some buildings are brick/stone, others are steel buildings.  It's been sitting vacant at least 20 years, so ALL buildings need work.  Some will probably need to be torn down eventually, say 25%.  For calculations sake, figure 100,000 square feet of rentable space.

Asking price: $500k negotiable
Property tax: $30,000 / year
Comparable rental rates: $1 - $5 per foot depending on condition

Some options are:
1. Clean up the grounds, leave the buildings as-is and try to rent NNN at reduced rate to tenants who want to repair the buildings.
2.  Clean up the grounds AND get the buildings functional 25,000ft at a time, rent at higher rate to multiple tenants.  Use the income from each partition to continue fixing more and more of the space, eventually renting out the entire 100,000 square feet.
3.  Convert one portion to finished office space, and rent at an even higher rate.
4.  Apparently the property has a power transmission line, which could allow for a solar farm, so that's a bonus option.  
5.  Turn the whole place into a haunted house.

Info about the area:  The immediate area has (-)2.2% population growth years 2010-2014 and is not a heavy industrial area.   However, it's 90 minutes from New York City via a major interstate located 10 minutes from the property.  There's a good sized hospital in town which serves NY, NJ, and PA residents.  However, there is a concern that there's not enough of a demand for commercial space due to the distance from other industrial areas and large cities.  However #2, it's 30 minutes from the construction site of a $1B casino project to be completed in 2018.  They're expecting 2000+ new jobs and 2 million visitors annually.  On paper, this should boost the area - but will it affect commercial/industrial property?

So - what would you do??  Is it a score at such a low price compared to it's potential, or is it a definite pass?