Other than a couple of remarks in astonishment and amusement about young people having sex in the cemetery behind the building ... the tenants never make mention of it.

This allows you to get access to credit reports, national background checks, most wanted, sex offenders, and I think the terrorist list.  

Keep in mind that it has another big attraction, its "sex appeal".

But at this point, I have no idea what the rehab costs would be, or what a fair offer on the house would be.The numbers I know:A similarly-sized empty lot in the same neighborhood can be bought from the city for just under $17,000.Rents in the neighborhood have a "u-shaped" graph: $600-800/mo for the crappy ones, and $1300+ for the recently-renovated ones.SFHs in the area sell for $120k-200k un-renovated, or $250k-350k renovated. 

In practice, my experience in residential RE is that the mantra should be location, size, and sex appeal.  

You should also check the sex offender database.

Im from NZ also but reside in Perth AU.

Title VIII of the Civil Rights Act of 1968, as amended, prohibits discrimination in the sale, rental, and financing of dwellings, and in other housing-related transactions, based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents of legal custodians, pregnant women, and people securing custody of children under the age of 18), and handicap (disability).Better take a landlord class and get your act together.

@Joe Au I would ABSOLUTELY talk to a RE attorney and CPA.

Au contraire!!