I personally found it to be humbling and rewarding, but there are many ways to achieve that in life that don't require managing such a property.

I don't mind older homes, actually I prefer them because they have a certain character and charm that newer ones don't have. 

You are offering them a convenience btw and asking to be rewarded for making their life easier isn't unethical as long as you are up front about it.

It really depends on the risk vs. reward for you and how much time/money you have on hand.My gut reaction: lawyer up and prepare to sue both the city and land owner for creating hazardous living conditions.

Buy, only you can decide if you're on fast growth or slow growth mode, and if the risk/reward of extra leverage is right for you. 

Let's pretend it's a generous 1 yr CD with no early withdrawal penalty.7 year CD: 2% and penalized six months of interest if you pull funds out early.If you pull funds out after exactly 12 months, it's a wash:1 yr CD @ 1 yr: $10k * 1% = $100.7 yr CD @ 1 yr with penalty: $10k * 2% - [$10k * 2% / 2] = $100.After 18 months...1 yr CD @ 1.5 years: $10k * 1% * 1.5 years = $150.7 yr CD @ 1.5 years and penalized six months of interest: $10k * 2% * 1.5 years - [$10k * 2% * 0.5 years] = $200.So there's your low risk / low reward "CD hacking" tip of the day to get rich by earning an extra $50 on $10k after a year and a half.

Yes, very risky but potentially very rewarding?

The risk in that one is I had to use only 5 yr recourse debt, which I do not like doing right now, but the reward warranted the risk for me.  

I think I would find it very rewarding.

I suggest you build up your cash reserves to be two months ahead on the mortgage, be cool with the tenants, they will reward you for it.