I'm no expert here. I'm brand new, so realize this is probably all idea and n experience.
54k in back taxes is huge!!! oh my! how many years is that? I just got a contract signed (today) taking a property from someone with back taxes but his was only about 3500$. Are delinquent taxes this high super abnormal or should I not be as shocked?
As for the property, I don't think there is enough room at all. A new roof is going to be around 5k, I'm thinking. And thats just one problem. If they haven't paid their taxes in years, what else haven't they paid/replaced. Like the HVAC? there goes another 5k. There are a host of other problems that could exist, and probably will exist. Don't forget paint and carpets, just to make it look nice to sell - theres another 5k.
Congratulations on getting your first call back off the bandit signs. And you may want to go check it out anyway, but it sounds really risky for a really small/non-existent spread.