hi jeremy. i would agree with bill. i would bet the downspout was draining right next to the foundation which is completely against the whole point of a downspout. you want to devert water away from the house, not dump huge amounts of water right next to the house......lol. i would have to say, from a home inspectors point of view, the water has probably eroded the soil beneath the footing and caused the footing to collapse, allowing the foundation to crack and collapse with it. you could get away with just tuck pointing it, but it will come back. the repairs could be extensive and expensive and jacking the house could be involved. it could also involve a small area of the footing/ foundation and allow you to rebuild just that area too. hard to say without actually being there. check with a local structural engineer and weigh the costs verses the value of the house. after all, thats what real estate investing gets down to. good luck to you

I am not trying to be rude, I am just trying to point out how ambiguous your question is.J Scott gave you a massively wide range for the same reason.When it comes to rehab, there are way too many components to rely on a square foot budget.

outskirts of San jacinto and 1200 sq foot I'm this inking if moving in for a year doing some work myself. 

If there are no comps then you would have to rely on quotes you get from General Building Contractors to give you a cost per square foot to build at that location But without actually building plans designed and stamped by an architect and structural engineer you may not be able to get exact figures but a ball park figure at best.

However, we'd never even stepped foot into the OC condo before we bought it. 

Funny thing is, the same question posed on stock market forums in inverse form would elicit a strong response where people would not touch real estate with a ten foot pole. 

I’m looking to house hack with an FHA loan to decrease my living expenses and get my foot in the door with real estate investing.

Don't look at price per square foot, first off totally different markets and I'll assume different square foot of homes, the smaller the home, the higher the PPSF.

Greetings-Costs vary but you might consider $15-30 per square foot.

I don't know about the cost of asbestos removal, but I had lead paint removed from the exterior of a 1200 square foot house: $20K for removal and repainting 15-16 years ago.