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?