It wouldn't make sense to rebuild & re-use the old outdated sewer hookups, in fact up here 'code' would not allow it on a complete new build.BUT if it is in fact hooked into the old system (& speaking from experience), I would definitely scope the sewer for breaks & tree roots.

I  had damaged lines ( minor cracks) where tree roots get in and severely slow the flow. once a year or every other year I used to rent a 3/4" sewer aurger for 75 bucks and clean the line from the house to the street (about 80 feet).

The key is to root out the deals and then spend the time on a real evaluation. 

Foundations are usually solid unless something was neglected like tree roots, improper drainage grade, etc.

I'd really be open to places that have a lot better rent-to-value ratios, but feel I don't really have the connections or roots to be looking into these areas, nor would I really like to invest time in living there.  

I am rooting for a bidding war.

And he is right, their roots come above the surface.

Over-leverage aka not having (enough) skin in the game is really the root of so much of the problems when the bubble bursts.

It now seems the root cause has been found and the problem is being rectified.Water always wins and if a leak developes behind a wall without any signs it is a difficult diagnosis.

Give them 3 to 5 days, I believe that has some roots in state law, you might want to look it up, to resolve the title issues and complete the transaction.