The water and demo damage from the fire department was actually worse than the fire damage itself.This is a restoration job...

The surrounding homes are well into the 6's, but the duplex has had little restoration and is currently occupied by handicapped month to month renters. 

@Carlos Rodrigues you stop from foreclosure by restoring the back due interest/late fee's of 15k  which removes the current seller's mortgage from default status. 

And "rehabs" are more restoration work (rehab = rehabilitation). 

The community benefits from the restoration.

. $500 Purchased at discount builder supply stores (Habitat for Humanity REstore, Seconds and Surplus, ShoptheBoss.com) All this stuff was brand new in the box. 4 brushed-nickel ceiling fans/lights -- $160 vs. $400ish2 brushed-nickel vanity lights -- $40 vs. $100ish4 24"x96" granite slabs -- $400 vs. $1,500ishUndermount sink $150 vs. $250ish660 sq. feet of handscraped engineered floating wood floor -- $660 vs. $2,000+40 sq. feet of glass mosaic backsplash -- $40 vs. $320ishCeramic tile for master bath -- free (I used some the people who sold us our house had left in the garage) vs. $200ish1,000 sq ft of FHA-compliant carpet installed with pad -- $1,100 vs. $2,000ish

That's when you know that you have arrived.You mentioned restoring "historic homes".  

Some people restore cars as a hobby but they don't make any money doing it, the returns all come from playing with the cars.

You can then discuss with a local restoration contractor and see if there is any discrepancy, then argue that point.#1 is the easiest solution.

Jon, I have been thinking about this all day and I can't think of any advantage except my overwhelming urge to rescue restore protect older homes which is probably the #1 no no that advise I have for myself which I occasionally ignore.