Usually, critical repairs need to be done promptly while other not so needed can wait; depends on how inhabitable the repairs needed continue to compound. 

To attempt to bring this together...let's say a kitchen fire happens and makes the house inhabitable.

If you can rent it for $575/month, and depending on your loan, loan costs and term of loan (and cost to make it inhabitable).

You say it’s up to code but is it inhabitable

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.