The fact there is a very distinct water line about 1.5-2' up leads me to believe there is a significant drainage/water issue.

@Luz Pagan also, if you're lucky enough to have several comps to choose from, you can often see a pretty distinct value to rehabbed vs not.

And I can call police and report her as a very dangerous trespasser who threaten my family's life and my belongs, because she will be able to access any place in my house in 24 hours.

I like the Wack a Mole analogy.. if I think back on my career in this game that started in 75.there were all distinct and different events that perpetuated a slow down or price compression in real estate75.... coming out of VN war  soft economy83 - 85  sky high mortgage and interest rates  ( SL crisis  but a lot of money was made picking up those deals)89 to 92  in bay area  Earth quake and war.. prices in SF and bay area compressed 20 to 50%  ( we have short memories.) but that was also pre high tech.2000  dot com bomb  short lived 2001  Bin laden short lived07 to 2011  global credit crisis worse i have ever seen or I think any one basically living ever saw.. worse than great depression in many areas...

While there are many nuances associated with this space, I know a tad bit more than enough to be dangerous and I am looking to connect with those who have interest in the space or currently operate within it.Looking forward to talking!

I do agree though, there are a number of uncertainties with the Foxconn plans and development being completed so there is a distinct element of speculation. 

As an LP/investor that may not affect you from an SEC standpoint, but as a rule I do not do business with people that cut corners so dangerously, and would suggest you don't either.

You want to make sure you haven't inherited terrible / or shadily placed tenets even if there are no immediate signs of danger.

The problem here was a couple fold.1) The city was looking a higher foreclosure rate on top of a higher rate of abandoned and dangerous properties. 2) My university was looking at a housing shortage starting in a few years. 

@Jorge Pena, a dissenting opinion from a little pockets investor.Unless you are in danger of drowning financially, I would keep the property and proceed with the reno, even if it goes a little slower than you plan.