Hi Lexi,
Thanks for your answer! I went downtown and spoke with the inspector the end of last week; he couldn't give an exact amount for the bond since they hadn't gotten a bid yet, but he ballparked $8-10K. We discussed the VBML process, though I think I'll see if I can sit down with Ed Cunningham so I can get the details and fees for the waiver. While I was told that the bond would be returned once the building was no longer a public nuisance and slated for demo, it'd be nice to have the specifics on that.
I agree that most aren't worth the trouble and expense once they get to this point. This one may be viable (depending on if the seller will take next to nothing for it), given that the building isn't in awful shape - much of the process has been driven by neighbors justifiably upset at the neglect of the property. It was foreclosed on via tax lien, so the taxes currently due are manageable. On the other hand, the headache and time involved in dealing with the bureaucratic hurdles involved in redeeming the property may make it not worth the hassle.
I also need to see what other assessments may be attached, such as those for boarding up, public services mowing, etc.
Thanks again!