We need more global warming.

Be sure to have the gas, water and sewer lines inspected as these may be dug up or collapsed - and very expensive to replace/repair.

@Shafi Noss Improving the land would be the simplest since there's already a driveway, electricity, and an old water well that needs to be jetted again.

Is water available to serve the site? 

Utilities were only water and electric.

Can fix the water damage in the basement yourself.

Your question about hydrostatic pressure is getting into the weeds for sure...I would ask myself, does the potential water infiltration have the possibility to damage the unit and tenant property?  

The first farmer tries to plant, water, and harvest everything himself.

Reminds me there's a 3rd floor apartment with a water heater I should definitely check on...ugh...Yes, I'm in the same boat- older properties that probably had higher cap ex repairs deferred. 

If 4 Dewey and 597 Beavertail had extra land, deep-water docks, or other luxury amenities, those factors could slightly inflate their value compared to your build.Since you’re wholesaling, the key will be making sure your buyer sees the same potential.