In fact I have a co worker that once they start rebuilding the Lock and dams on the Illinois river, (I think) he is heading south for 5+years I guess.

Thus, the property's value is most likely to be reflective of the current income stream.If the buildings were in very poor condition and the most likely strategy by a buyer would be to tear them down and rebuild, then the replacement approach might work, or perhaps the comparable sale approach by comparing land sales and deducting the cost of demolition.The property you are describing sounds like what's known as a "covered land play". 

Right now it seems like the people that are making the most money in that area are builders that are tearing down old homes and rebuilding multifamily townhomes/condos.

If Male # 1 has a relationship with current tenant or Tenant and male # 1  are rebuilding a relationship, I would consider him. 

Use the shotgun approach and call as many as you can.When a family is displaced from their house during insurance claim repairs they need a a few months to much longer say for a complete house rebuild from something like a fire.

Rebuilding entire floor/walls really only took a month.

It is much harder to tear it down and rebuild it than to do it right from the beginning.

While insurance might rebuild your property, the bigger issue is the loss of jobs, local businesses, and essential amenities.

With limited land in some areas, they need the bad areas so they can come in purchase cheap, rebuild, re-sale for a higher price. 

I have no idea what it would cost to remove the current home, who would take it or if it would be cheaper to renovate and rebuild it.