Out of options Dead Deal?

[Adam Percento]

I just finished a walkthrough of a absentee owned SFR

3 bed 1.5 bath 

1488sqft

Decent comps imply ARV=$60k-$80k

Rent rates for similar houses in that neighborhood=$950-$1100

Everything on and in the property needs to be replaced. (not exaggerating) 

roof, siding, windows, insulation, drywall, electrical work, plumbing work, kitchen and bathroom guts. etc 

The owner is asking $35k because he owes $35k

Any ideas on how to make this work?

loan assumption? but at $35k i dont think its worth it