Let's say you burned through $150,000 in appliances and "more costs", ya still have $500k vs $250k. 

Quote from @Matthew Becker: Do the rivers still burn in Cleveland? 

Let's view this another way, a tenant applies to rent who was convicted of burning down a previous landlords property.

I will get burned at some point but it has been good so far.

What’s worse is many investors who do get burned become afraid of investments in general and keep their money “safe” at bank rates of return.  

That would burn through around 10,000 - 15,000 gallons in 24 hours.

The vibe of Biddeford has gone from burning garbage in a decimated downtown, to boutique hotel and trendy restaurants in very few years.The apartments in town were built for mill workers a long time ago.  

But don’t worry they burn their employees just as badAs they’re investors.  

You would want to know if anything was ever built on the land (maybe a house burned down) because if there was a house then you would have potentially buried septic or oil.Buying and holding a lot for the future with topographical issues is only worth it if the price is negligible IMO.

I personally would have to have one of the windows replaced before I'd feel comfortable renting it, but that's just me and based on personal experience including a traumatic one from childhood in watching the apartment building next to ours burn in the middle of the night.