It's been vacant for almost 4 years, looks quite distressed on the exterior and peeking through windows, but from my limited and inexperience perspective, seems to have really good bones.

You don't have to bone up on and keep informed about two neighborhoods.  

your HML is your last line of defense from making a bone head purchase because you don't really know what your doing .this Is why a LOCAL HML is and can be invaluable they will keep you out of trouble by rejecting your CMA values especially from RE brokers that just want to sell you the propertyIf that all make sense

My advise would be to buy good bones!

The house is in a solid location and has great bones as far as we know so no buyers remorse yet (fingers crossed it stays that way!).

You will pay them top dollar with just enough meat on the bone to keep you coming back.

One thing that really is huge for me is equity right off the bat when doing BRRRR vs TK which mostly leave no meat on the bone and sell at market price.

Title Insurance is being paid by the seller which inclines me to think that it will be a bare bone coverage. 

Especially for a skinny chick with no meat on her bones.

If you are lucky they will leave some meat on the bone for you.