Hi Michael, You will have to be careful here depending on when the 1031 Exchange comes into play as properties acquired for rehab/flip do not qualify for 1031 Exchange treatment. 

Is it located next to any eye sores (major highways, power plants, etc)?

Case in point, the treatment that Obama has been receiving is amazing.

There is no reason to believe that Countrywide's loan book need such special treatment.

The Internal Revenue Service has finally issued guidance to help taxpayers understand when a vacation home or a second home may qualify for 1031 exchange treatment.Revenue Procedure 2008-16 The IRS issued Revenue Procedure 2008-16 http://www.exeter1031.com/1031_exchange_revenue_procedure_2008_16.aspx to help define when vacation property or second homes might be qualified use property and therefore qualify for tax-deferred exchange treatment under Section 1031 of the Internal Revenue Code.

A security check a pest control treatment and a through cleaning is around $350.

Management was sorely needed.

I feel like I'm one of those people that's just "buying something" to get started.See the brief numbers below:Original Scope Cost NotesDemolition Labor Cost $4,250.00 QuotedConstruction Labor Cost $15,710.00 QuotedMaterial Cost $12,805.00 Ref - Home DepotPermitting/Fees $2,500.00 Ref - Development Services (estimated)Additional Scope Cost NotesSubterranean Termite Treatment $1,021.88 QuotedDry Wood Termite Fumigation $2,659.81 QuotedCarpenter Bee Treatment $161.29 QuotedReplace Misc.

It also depends on treatments and testing. 

Properties acquired for development, rehab, or conversion are generally held for sale (not investment) and will not qualify for 1031 Exchange treatment.