Appreciation is great, but not when all of that appreciation is eaten by the repairs you aren't doing.

I'd call insurance before having any sort of plumber to come do any repairs.

If property values appreciate well, you might be sitting on a property that's worth a great deal more than todays ARV, especially if you can complete some of the repairs while your grandmother still lives there.

Zoning says that it is a repair service shop, excluding automobiles, any idea if leasing out storage space would be permitted?

I'd be happy to hop on a phone call with you to run through it.

Quote from @Dan Grove: Some combination of cash to seller, closing costs, repairs, construction, paying off arrears, assignment fees, commissions.   

That aside, If it were me I'd get a professional estimate of what repairs would cost, and make the decision to keep or sell based on that. 

My local cable, internet, cell and utility companies are already using it to field calls and answer questions online and phone.

Her communication was abysmal, was only ever able to speak to her once on the phone. 

The real property investment can be repositioned if it proves disappointing in its original form; it can be refinanced or recapitalized if it has too much or too e pensive debt; inflation over time bales out many bad purchases, and finally the investors knowledge, experience and abilities can be leveraged to turn around a cash flow negative property.I’ll provide an exampleThree years ago we purchased a note from a bank secured by two auto repair facilities with a large amount of excess land.