Garbage, for example, can just be split evenly whereas water will depend on number of inhabitants. 

More importantly on the renovation loans and I do a lots of them is that you can roll in up to 6 months of the mortgage payments during the renovation of property is not inhabitable, so technically is owner occupied but you can’t live in it during the repairs.

@Jacob Brattainif the lot rents are that low then that is a reflection of the quality of tenants inhabiting that park.

Good news on HomeStyle is no one cares how rundown the house is or if its not inhabitable and you don't need landlord experience that some Hard Money lenders want.

Is there value in buying land/vacant lots/inhabitable houses in cities that are currently depressed? 

As this is a total gut rehab (porch, tilting staircase, HVAC, widening windows, plumbing, et al), everything needs to be done; it is inhabitable.   4-months is the estimate for completion. 

Specifically (for those who asked):-An agent stated a property could get conventional financing when he knew it had previously fallen out of contract because the buyer was denied conventional financing because the property was inhabitable.

Last Friday I had a fire in one of my condos.  10 out of the 12 units are inhabitable.  

Excluded from these requirements are sales of property with 1-4 dwelling units that has never been inhabited, sales exempt from real estate transfer fee, and sales by certain court-appointed fiduciaries (for example, personal representatives who have never occupied the Property).

And is inhabitable.