Buying a property for the price of a laptop

[Ben Bakhshi]

I came across a bank-owned quadraplex for sale in a complex of 19 other vacant quadraplexes. Asking price has dropped to $1500, so about $2300 with closing costs. It's bank owned, so there are no other liens or back taxes, the agent said.
It looks like at least 2 roofs are burned down, including the one for sale.
Property taxes for the property were $1400 in 2011. I think it would be a reasonable assumption that you could get those lowered.

Would you buy something like this just to speculate?
Would you find a builder partner to renovate it for free for 50 or 75% ownership?
...or would you go out and buy a laptop?

[Jimmy H.]

You seem to imply the quad needs renovation - is it not yet completed (developer went belly up) or neglected with a lot of deferred maintenance, etc.?

Either way, if this property needs work to be rent-able, I would calculate those costs into your expected base/total investment in the property and calculate returns based on that.

Also, without knowing the particulars of why there are 19 vacant quads in one area, I would ask whether or not you anticipate having trouble renting the 4 units out.

In short, I would prefer to invest in the property over a laptop, but more detail is needed.