I just closed on one for that last week and it appraised.Under contract at 223k with seller paying 5k in closing.The property needs 20k in repairs. 

Credit report shows last verified address only of 2007.

My last purchase (built 1900) has no closets.

It only has positive cash flow due to concessions by the seller that will last about 2 years.Property values have seemed to drop in that area, so I'm doing something different by requesting a reassessment of my property taxes.

Its far better than any other area i've looked into over the last two years. 

I closed one for a 2-unit on the West side last week.

You'll just add to your losses and still have the same mess to clean up.The process for abandoned property is to give written notice to the tenant at their last known address (your rental).

Similarly, the sale ($575K) minus your adjusted basis determines your capital gain.You may qualify for the primary residence exclusion (up to $250K single/$500K married) if you lived there 2 of the last 5 years.

The last time I looked, a $1 million policy was about $200 a year.

(which has gotten way, way harder over the last few years.)