Selling quickly to make a little less profit might be worthwhile.  

The other option would be if I could get the cost down to 200k and then rehab it maybe I could sell it conservatively for 300k.Mainly, I'm simply just motivated since this home is right next to me, but I'm not completely sure if its a worthwhile deal.

Worthwhile, with actionable steps?  

If you can push rents, then may be.All and all it seems worthwhile to keep talking to them.

I've written down a lot of info that I think is worthwhile but I can say the Mastery Class isn't the next step for me.

A lawyer would be able to help understand whether it's a worthwhile pursuit.

What would you say is the minimum a person should make in order to make the s-corp worth while?

It would be worthwhile if you are in syndications to ask for the sensitivity analysis to see how the property holds up against changes to rent and occupancy. 

Considering the fact you can actually get a mortgage on the house makes me think you wont be able to force enough equity to make a refinance worthwhile.

Rarely if ever does a discount of 10% or even 20% have a significant enough impact on financial performance to make it worthwhile to take the risk of buying and owning a site that cannot be developed to meet the planned Highest and Best Use or worst case developed at all.Unless a developer can honestly say that they'd be okay and happy owning a site that can't be entitled, no experienced developer would or at least should jump on land deal because of its deeply discounted price.