Verify your zoning compliance or non-compliance.

Compliance is rigorous and the penalties can be ruinous because it was heavily abused in the late 1990s through early 2000s. 

How is the building set up, equal sides in an open space, long and narrow, widthXlength can limit options or themes, it may not be a great dance floor or live dinner theater setting, lounge, etc.ADA compliance, how accessable is the basement, does it have more than one exit, an elevator?

There is an onus on the landlord/property manager to frequently inspect for improper care throughout the lease and give corrective 'advice' or issue non-compliance quits if necessary. 

But as others have said what is your 'return' after all the costs for the rehab & inevitable code-compliance etc. 

Remind you the prices will be a bit higher than Detroit but if you’re further away or OOS for proper Detroit I recommend Section 8 turnkey and tenanted and up-to compliance with the city and only select areas of Detroit or simply stick with the outer suburbs. 

you can gfci a house into compliance for a few hundred bucks... a new panel... worst case is a grand.

You should cancel contract due to non-compliance.

I would think that those sort of units would still have zoning compliance issues, but maybe you are talking about something else?  

We had one put in a small blow up & I found out when the bldg inspector jumped all over it threatening compliance fines.