The next step would be to make pilot hole into your drywall and test it with a coat hanger or other thin rod for insulation or you could make a 1 inch hole and just look in... 

I estimate with fresh paint of coat and two little things that need fixed (one of the bathroom faucets is broke and the pull chain on the ceiling fan is broken). 

I have paid pennies on the dollar for the lien that I hold and I have also utilized the property for income. 

If the home was recently lived in then it will probably just need a minor repair unless copper pipes were stolen.

Obviously it needs a fresh coat of paint and landscaping.

.#2 Sacrifice/Budget and save every penny.

Its worth every penny to pay a fair rate and get a good long term product, versus a continuous maintenance disaster. 

@Jonathan Tea Don't forget to factor property management cost, property taxes, vacancies, repairs, capex, insurance, possible evictions, stripped appliances, copper, ACs, furnaces, water heaters, code violations, redos to make rent ready again and the rest of liabilities these price points can be plagued with.

Talk to your bar tender, your grocery check out person...meet and talk to every person you can, and talk to them about real estate.Farming is great but costs a good penny.

The pipes in the crawlspace ( look like corroded green copper or upgrade to PEX?).