IRR can be massaged to confuse the many sophisticated investors. 2 deals with the same IRR and term can yield a quite different multiple.

I would recommend getting a good remediation/restoration company to take a look at it and give you a run-down.

Riverside is a hot market, my wife is in a deal to restore on Post Street and has one to sell on Post Street as well. 

If there old wood windows I try to restore them.  

I love this answer Dave, not just because it restores my faith in the 1031 exchange process, but because you hit the nail on the head.

The Restoration Exchange of Omaha helps landowners designate their buildings.

I restore apartments all day 9 to 5 and I am also rehabbing my girlfriends 2 family home for rental purposes.

Best bet is to contact an insurance restoration company for a quote.

Probably a branch fell on the line, but could've been a lightening (less likely).An electrician said that I'd spend $1,100 to restore power (based on pictures, he didn't go to the site). $2,000 if the problem was more serious, but he didn't think the wiring at the whole house was shot.So, $1,100 to restore power + $1,000 earnest deposit to HUD only to make sure there were no other unknown issues.

I'm trying to decide how to proceed appropriately; to prepare if I have to evict, but to also provide a path to restore the situation so that they can stay in the house; or move to a cash for keys arrangement.